CARD subsidiary prepares for18 MBOs

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved the request of Rizal Rural Bank Inc. (RRB) to open 18 micro-banking offices (MBOs) in the areas of Sta. Cruz, Laguna, San Fernando, Pampanga, and Taytay, Rizal.

The monetary authority also allowed RRB to solicit and accept deposits outside its bank premises in various locations in Rizal and Laguna.

CARD MRI, one of the country’s leading microfinance-oriented financial institution, acquired RRB in January last year.

Of the 18 MBOs, nine will be opened in Sta. Cruz, Laguna (Majayjay, Magdalena, Cavinti, Siniloan, Famy, Sta. Maria, Mabitac, Paete and Lumban).

Another seven will be located in San Fernando, Pampanga (Guagua, Floridablanca, Lubao, Macabebe, Arayat, Mexico and San Simon), and two more in Taytay, Rizal (Morong and Jala-jala).

The MBOs will engage and offer the following transactional activities, including: accepting micro-deposits including initial deposit and service withdrawals; accepting check deposits of microfinance clients for collection and credit to own deposit accounts; disburse/release proceeds of micro-loans and collect loan amortization payments and related charges, and; present, market, sell and service microinsurance products in accordance to existing regulations.

“This marks another milestone for RRB. It is with great confidence armed with our vision and mission that we will continue to be an outlet for the socially-and-economically challenged women and their families to help facilitate their initial development towards better and improved standards of living.” Flordeliza L. Sarmiento, RRB president and chief executive officer, said.

RRB was founded in May 1996 by Greg and Baby Suarez, both former BSP employees, to serve the community in Taytay, Rizal.

Sharing the same mission to serve the economically and socially challenged women and families.