During his keynote speech at the Inaugural Dinner of the Rural Bankers Association of the Philippines (RBAP) last August 4, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr recalled the journey of the two institutions in pursuance of advancing the rural banking sector and expanding financial services through innovative channels to more Filipinos.
Microfinance: New Paradigms Built on Age-old Fundamentals
June 21, 2011 By Leave a Comment
RBAP-MABS Research & Project Monitoring Consultant Ferdinand Sia shares his learnings from Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr.’s keynote address at the 2011 RBAP-MABS National Roundtable Conference
The 2011 RBAP-MABS National Roundtable conference held on May 23-24 opened with a Keynote Address by BSP Deputy Governor Nestor Espenilla Jr. His speech carried the theme that new products, delivery channels and more players in microfinance will benefit both banks and consumers, but fundamentals remain important.
Espenilla said that the Philippines is in the midst of a new paradigm of a solid network of stable, self-sustaining and dynamic rural financial institutions that are capable of adapting to new technologies to better serve the under-banked. He recalled the industry’s atmosphere about fifteen years ago, when microfinance was offered only by a handful of banks through groups and center meetings. Today, microfinance includes housing loans and many other new products and services that can be paid through electronic money.
U.S. Ambassador Harry K. Thomas, Jr. supports rural bankers’ advocacy for Greater Financial Inclusion
June 1, 2010 By Leave a Comment
In his keynote speech at the 57th National Convention of Rural Bankers Association of the Philippines (RBAP), U.S. Ambassador Harry K. Thomas, Jr expressed his support for greater access to financial capital and social safety nets for all Filipinos.
The U.S. government has assisted the RBAP for more than ten years through the Microenterprise Access to Banking Services (MABS) Program that expands access to financial services to micro-entrepreneurs and low-income households by supporting rural banks’ capacity to provide services to the microenterprise sector. MABS partner banks have been able to provide over 2.2 million micro loans with a total of more than PhP29 billion for micro-borrowers numbering over 700,000.
The Ambassador cited that the project has relieved families from poverty and ignited Filipino entrepreneurial spirit.
Ambassador Thomas also stressed that the rural banks’ move to provide micro-insurance products and services to low-income households and to rural entrepreneurs of the Philippines are good examples of interlinked corporate success and social welfare. He urged the bankers to continue making the low-income sectors’ dreams a reality, quoting U.S. President Barack Obama’s words: “Real change comes from the bottom up.”
