RCBC Capital cops Asian Bankers Award

RCBC Capital Corp., a fully-owned subsidiary of Rizal Commercial Banking Corp., won this year’s Asian Bankers Award for its pioneering efforts in the development of the bond market among local government units (LGU).

The award was received by Alfonso S. Yuchengco III, executive vice chairman and CEO of RCBC, during the 4th Asia Pacific Bankers Congress held recently in Bangkok. The award was presented by Somkid Jatusripitak, finance minister of Thailand.

RCBC Capital has pioneered in being a partner of private industries and local governments in capital formation. Todate, of the P1.35 billion that has been raised through LGU bonds under the Local Government Code of 1991, RCBC Capital has acted as lead underwriter for P1.33 billion, or 98 percent of these bonds. RCBC Capital is the most active private-sector financial institution in the municipal bond market today, directly sourcing P995 million or 75 percent of the total LGU bonds offered thus far from its institutional clients nationwide.

Among the projects financed by these bonds are:

1. The P40-million Boracay-Aklan Jetty Port in Katiklan;

2. The P320-million Puerto Princesa Green Bonds used to finance the rehabilitation of Puerto Princesa Bay;

3. The P620-million Caloocan City "Katipunan" bonds which will finance the construction and redevelopment of the Caloocan City Hospital, the public market and the decongestion and commercial development of the City Hall area;

4. The P220-million Tagaytay City tourism bonds which will finance, among others, the first full-service convention center complex with an assembly hall that can accommodate 800 delegates; and

5. The P130-million Iloilo Citybonds used to fund the construction and development of 410 housing units for city hall employees, public school teachers and local police officers.

RCBC Capital has also been given an Award of Recognition by the LGU Guaranty Corp. – a firm owned by the Development Bank of the Philippines and the Bankers Association of the Philippines – during its third anniversary.

RCBC Capital president Raul Leopando said his company "is committed towards being a catalyst for countryside development and encouraging transparent good governance among LGUs."