RBI starts to operate in Marikina City

Rizal Bank, Inc. (RBI), a microfinance-oriented rural bank, opened its 21st branch in Algers 5 Bldg No. 14 Gen. Ordoñez Ave., Marikina Heights, Marikina City on July 31, 2018. RBI President and CEO Elma Valenzuela (left) and CARD MRI Managing Director Flordeliza L. Sarmiento (right) led the opening of the new branch. The continuous expansion of RBI, according to Valenzuela, is part of its commitment in bringing microfinance and community development services closer to the socio-economically challenged women and their families. RBI is set to open four more branches by end of 2018, adding to the eight branches approved by the Bangko Sentral ng Pilipinas (BSP) this year. Managing Director Sarmiento also emphasized that the expansion is significant to the overall goal of CARD Mutually Reinforcing Institutions (CARD MRI), which is the 5-8-40 strategy. The strategy means that in five years starting 2016, CARD MRI will serve eight million clients and insure 40 million individuals. RBI is one of the financial institutions of CARD Mutually Reinforcing Institutions (CARD MRI), a group of 21 development oriented institutions that aims to eradicate poverty in the Philippines. To date, CARD MRI is serving more than 5.4 million clients nationwide where more than 308,000 of them are from RBI.