RBI opens 22nd branch in Tuguegarao City

The local communities of Tuguegarao City can now enjoy the microfinance services and development-oriented programs of Rizal Bank, Inc. (RBI) as the bank opened its 22nd branch at Provincial Road, Balzain, Tuguegarao City, Cagayan Valley on August 23, 2018.

“Every branch we open is an opportunity for us to reach and touch the lives of microentrepreneurs who have no access to formal banking services. This is making us proud because we are able to bring our products and services closer to them,” said RBI President and CEO Elma B. Valenzuela.

RBI is a microfinance-oriented rural bank that provides women and their families in rural communities with access to financial and non-financial services. The services include microloans, SME loans such as SME-Working Capital and SME-Investment, and the others like educational, health, and cell phone loans.

Clients may avail a minimum loan of PHP1,000 loan up to PHP5 million under the SME Loans.

As of July 2018, RBI has registered a total of 323,430 clients with 99.52% repayment rate. Established in May 1996 and acquired by the CARD MRI group in 2013 it has now more than PHP3 billion assets.

Financial inclusion prioritized

RBI continues to expand and open new branches as part of its commitment to the 5-8-40 strategic direction of CARD Mutually Reinforcing Institutions (CARD MRI), where the bank is a member institution.

“The 5-8-40 strategic direction is meant to reach eight million clients and insure 40 individuals within five years starting 2016,” explained Dr. Jaime Aristotle B. Alip, founder and chairman emeritus of CARD MRI, adding that the strategy is part of their commitment in building a financially inclusive Philippines.

“CARD MRI together with its 21 institutions will never get tired of helping and serving the socio-economically challenged women and their families in the marginalized sector because we are in the business of poverty eradication. We will double our efforts to provide innovative products and services,” added Alip.

Currently, CARD MRI is reaching more than 5.59 million clients nationwide. CARD MRI has been operational since 1986 and is firm to always adhere to its shared vision of creating a poverty-free country.