In support of the Bangko Sentral ng Pilipinas’ thrust toward financial inclusion, RCBC’s Rizal Microbank (RMB) remains steadfast in bringing financial products and services to its mandated market segments in a more convenient and accessible manner.
Through RMB’s newly-launched Pangarap Savings, over 2,000 Filipinos have opened a savings account with minimal documentary requirements.
“The project is envisioned to make financial access work for common people, producing high impact and sustainable results,” RMB President Raymundo Roxas said.
“This reflects Rizal Microbank´s commitment to improving the lives of the Filipino working class through entrepreneurial assistance, with the goal of providing a world-class and quality banking experience to more people,” he added.
Unlike regular savings accounts with limits and barriers to access, Pangarap Savings enables individuals from various backgrounds, especially first-timers, to open a savings account in a formal banking institution.
Tatay Otoy, a client of RMB Davao branch, was one of the first few who applied for a basic deposit account. His goal, he said, is to simply save as much as he can since he does not have any form of pension or insurance.
Nanay Monica, who hails from San Jose, Occidental Mindoro, likewise expressed her gratitude for tailor-fitting this product to her needs and capabilities, allowing her to save the income she receives from selling snacks and chips in the morning and balut in the evening.
Pangarap savings was immediately subscribed by the community, generating over P1.1 million worth of deposits in just eight days since its launch on June 19.
“This only tells us that when financial products and services are designed and offered around the customers’ realities and pain points, easier acceptance and adoption can be expected,” Roxas added.