The microfinance arm of Rizal Commercial Banking Corporation (RCBC), Rizal MicroBank (a thrift bank), opened its first Micro Banking Office (MBO) made out of metal container vans in Lipa City, Batangas, pioneering another first in the Philippine banking industry. As compared to putting up a regular branch that costs around P4-6 million, the Rizal Microbank MBO requires only approximately P2.3 million to set up, including the costs for office equipment, furniture and security requirements, and took around 30 days to put up. Furthering its environment-friendly and resource-saving initiatives, the bank’s MBO will also operate in a cashless manner with loan disbursements and repayments all made through an ATM machine; RCBC has co-located an ATM machine right outside the MBO. The MBO in Lipa City is the first of eight (8) micro banking offices that Rizal MicroBank is aiming to put up in the next few months in the South. Since it started its microfinance operation in August 2010 , Rizal MicroBank already has 15 branches nationwide, 11 in Luzon and 4 in Mindanao, and is still looking to expand its network in various key areas across the country. Shown in the left photo are (from left) Rizal MicroBank Vice Chairman and RCBC Executive Vice President John Thomas Deveras, Lipa City Administrator Atty. Leo Latido, Rizal MicroBank Rosario Office Branch Manager Arleen Conti, Rizal MicroBank President Ma. Lourdes Jocelyn Pineda and Rizal MicroBank Board of Director and RCBC Consultant Ismael Sandig during the MBO Inauguration.
Posted by RCBC Corporate Communications