The Rizal Commercial Banking Corporation (RCBC) recognized its partner banks and institutions at the Araw ng Pasasalamat sa mga Madiskarteng Kabalikat program.
The event, in time for the Philippine Independence Day celebration, distinguished the heroic service of RCBC’s partners for its disbursements of various emergency government subsidies at the height of the COVID-19 pandemic. These banking partners, which include rural banks, pawnshops, small retail stores, and microfinance institutions, have been pivotal in RCBC’s push for digital acceleration and financial inclusion amid the pandemic.
“The delivery of the emergency subsidy program of the (Department of Social Welfare and Development) would not be possible without the help of one of the financial service providers, such as the RCBC, and its accredited payout partners,” said Undersecretary Aimee Torrefranca-Neri, Operations, DSWD.
In 2020, RCBC spearheaded the first large-scale disbursement of government aid to its beneficiaries through Ayuda Arangkada. As of March this year, RCBC was able to disburse P14.85-billion worth of financial aid from the government. Around 4.11 million low-income household beneficiaries were covered in 72 out of 81 provinces.
“We, the rural banks, are glad to be partners with RCBC’s DiskarTech in the distribution of social amelioration program, particularly the DSWD emergency subsidy. Such partnership has enabled us to deliver the program from recovery and rehabilitation to affected sectors in a quick and efficient manner,” said Elizabeth Carlos-Timbol, president, Rural Bank Association of the Philippines and COO, Guagua Rural Bank.
Among some of RCBC’s payout partners include Guagua Rural Bank, Bangko Pangasinan, Rural Bank of Central Pangasinan, Rural Bank of Ilog (Neg. Occ.), Inc., New Rural Bank of San Leonardo, Bayad, Cantilan Bank Inc., Rural Bank of Jaen Inc., Kilusang Lima Para sa Lahat Multipurpose Cooperative, GM Bank of Luzon Inc., Pangasinan Bank, Inc., Villarica Pawnshop, Rural Bank of Guinobatan, Sikat Sari Sari Store, Gemmary Pawnshop, Rural Bank of La Paz, Rural Bank of Mangaldan, and MLhuillier.
The Department of Labor and Employment (DOLE) said that such alternative banking options to people in various regions help workers struggling to carry out urgent banking transactions amid the pandemic.
“I commend RCBC and its DiskarTech for honoring all its partners who have been instrumental in the disbursement of government’s financial assistance to those struggling with the fallout of the pandemic. We draw inspiration and strength from our collaboration knowing that we have dependable, efficient and madiskarteng partners like you,” said Secretary Silvestre Bello III of DOLE.
Point of sale
The top 20 merchants of ATM Go, RCBC’s neighborhood ATM that uses mobile point-of-sale devices for various financial transactions were likewise awarded. This service of RCBC was also tapped by government agencies to ensure continued financial access of beneficiaries of the conditional cash transfer program. The merchant that charted the highest volume of transactions was Palawan Pawnshop.
The Bangko Sentral ng Pilipinas (BSP) acknowledged RCBC’s role in helping the nation recover despite the COVID-19 disruption.
“I am grateful for players like RCBC’s DiskarTech for taking the lead and harnessing the efforts across industries to serve the public,” said BSP Governor Benjamin Diokno. “More than ever, we need deeper engagement and collaboration to ensure vital financial services are within reach of our kababayan. Today’s Madiskarteng Kabalikat event is truly for the industry players partnering with government standing shoulder to shoulder, employing innovative measures to disrupt the upheaval caused by the pandemic, and in turn, realign goals with that of the national government.”
Eugene Acevedo, president and CEO, RCBC, emphasized the importance of payout partners in executing the bank’s goals, especially in the coming months.
“We believe grassroots banking is the way to go if we want to onboard every Filipino and if we want to make digital finance more accessible for all. We are grateful to have found the best people and the best institutions to help us achieve this,” added Lito Villanueva, EVP and chief innovation and inclusion officer of RCBC.
RCBC was judged as the Philippines’ best retail bank in the 2021 Global Banking and Finance Review Awards.