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PHILIPPINES BANK ANNOUNCES ITS FIRST MICROFINANCE LOAN.
MANILA, June 30 Asia Pulse - Philippines' Rizal Commercial Banking Corporation (RCBC)(PSE:RCB) announced Tuesday that it is ready to issue its first ever microfinance loan on Wednesday, July 1.
"We believe that with proper execution and stringent risk management, microfinance will be a strong complement to our lending business," said RCBC president Lorenzo V. Tan in their disclosure to the Philippine Stock Exchange (PSE) Tuesday.
As part of its business expansion efforts, RCBC recently purchased JP Laurel Rural Bank in Batangas and Merchants Bank. JP Laurel Rural Banks 10-branch network is intended to be RCBC's microfinance vehicle in Southern Luzon, while a part of Merchants Banks 21 branches will be used as the vehicle for the banks Mindanao micro-lending operations.
In Batangas, the RCBCs first microfinance loan is being worked on for disbursement on July 1, through the new facility called Pautang Para sa Maliit na Industriya, Tindera at Agrikultura sa Kanayunan or (PITAKA).
The lending program allows a minimum P5,000 (US$104) and maximum P150,000 business loan.
To put things in order, RCBC also named RCBC senior vice president Ma. Lourdes Jocelyn Pineda as President of JP Laurel Rural Bank. ...
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