RCBC microfinance lends P200 million
May 27, 2011, 1:03am
MANILA, Philippines — Rizal Commercial Banking Corporation reported that its microfinance business hit the P200 million disbursement threshold this past week ending May 13 after lending activities started in July 1, 2009.
Disbursements totaled P200.2 million and the businesses’ outstanding loan portfolio totaled P32.79 million. Over 4,500 loans have been disbursed since the start of microfinance lending operations and to-date active borrowers total 864 micro entrepreneurs.
Average loan disbursement amount is P44,000. Portfolio-at-risk (PAR) 1-day and above ratio is a comfortable 0.77 percent.
These disbursements emanated from lending offices in Laguna province (Calamba, Cabuyao), Batangas province (Tanauan City, Rosario, Lemery, Bauan, Nasugbu, Laurel), Quezon province (Candelaria), Occidental Mindoro province (San Jose City), South Cotabato province (Koronadal City) and Davao City.
RCBC expects to extend its microfinance business to Tagum, Davao del Norte and Digos, Davao del Sur by the third quarter of 2011.
The bank projects that it will hit the P300 million disbursement threshold by November 2011 supported by geographical expansion through the establishment of three new MBOs in southern Luzon and two new branches in southern Mindanao.
RCBC’s microfinance business in southern Luzon is housed within President Jose P. Laurel Rural Bank, Inc. based in Tanauan City while the bank’s business in southern Mindanao is housed within Rizal Micro Bank (Merchants Savings & Loan Association, Inc.).
The microfinance business caters primarily to micro entrepreneurs through the disbursement of working capital loan facilities with tenors between 3 - 6 months. The loan product carries the brand name PITAKA. (JAL)
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CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline: +63495010127 Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com http://phildevfinance.wordpress.com
CONSULTING - http://www.carlosani.com
My Clippings - http://www.myclipps.posterous.com
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