RB Cotabato Signs Up with MABS
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Cotabato City – The Rural Bank of Cotabato (RBC) signed an agreement to participate in the United States Agency for International Development (USAID)-supported Rural Bankers Association of the Philippines - Microenterprise Access to Banking Services (RBAP-MABS) Program.
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USAID Deputy Mission Director Frank Donovan, Deputy Presidential Assistant for Mindanao Virgilio Leyretana Sr., Cotabato City Mayor Muslimin Sema, and US State Department Office Director Eunice Reddick witnessed the agreement signing.
In his remarks, Director Donavan stated, “USAID’s MABS Program complements efforts of the Government of the Philippines, through the President’s “Mindanao Natin” Program to bring peace to Mindanao by addressing poverty, one of the root causes of conflict. The introduction of the MABS technology to the Rural Bank of Cotabato, and to other Rural Banks in the ARMM, will increase the availability of credit to microenterprises. This will, in turn, enhance business activity and result in more jobs and increased productivity in the communities served by the participating banks”. RBC is the only bank in Cotabato City serving the microenterprise sector. Among the bank’s current depositors and borrowers are members of religious minority and ethnic groups.
In signing up with the RBAP-MABS Program, RBC will receive training and technical assistance aimed at strengthening bank operations and enhancing the ability to profitably provide loans and deposit services to microentrepeneurs in Cotabato City and the surrounding communities.
The RBAP-MABS Program is a USAID-financed project jointly implemented by the Rural Bankers Association of the Philippines (RBAP), with oversight provided by the Office of the President through the Mindanao Economic Development Council (MEDCo). Some 114 rural bank units have received technical assistance from the program since 1998; these banks have collectively disbursed over 300,000 microloans to more than 108,000 microentrepeneurs totaling more than PhP 3 billion. The participating banks have also provided deposit services to more than 524,000 microdepositors.
Citing these numbers, Deputy Presidential Assistant for Mindanao Virgilio Leyretana Sr. said, “The signing of the Memorandum of Agreement signifies the commitment of RBC to provide improved services and loans to the poor and low income households for their microenterprises that will enable them to increase their income levels and improve their living standards. It also signifies the commitment of MABS to strengthen RBC’s operations. MEDCo, as the government counterpart, and RBAP, as the private sector counterpart, will be involved in ensuring the timely delivery of MABS technical assistance.”
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