RCBC promotes financial inclusion among farmers, brings ePiso to Bukidnon
RCBC brings ePiso, the country’s first-ever digital money, closer to farmers and agri-businesses in Valencia City, Bukidnon province, following the success of its pilot launch in Muntinlupa City.
The Yuchengco-led bank is elevating its efforts in support of Bangko Sentral ng Pilipinas’ goal of financial inclusion. It taps its subsidiary, Rizal Microbank, to reach out to local microenterprises and small businesses in the agricultural sector and enable them to have better access to financial loans as it introduces RCBC ePiso to farming communities in Bukidnon.
“Rizal Microbank shares Bangko Sentral ng Pilipinas’ vision of financial inclusion. To do this, we are actively supporting our farmers by teaching them how to build their assets and giving them avenues on how they can grow their farms,” said Raymundo Roxas, Rizal Microbank president. “And with ePiso, we are excited to provide our farmers with easy and convenient access to their agri-loans to help them run their businesses more efficiently.”
Through RCBC ePiso, the microbank can now distribute its loan proceeds to its clients by easily loading digital peso in their RCBC ePiso Mobile Wallet. This means farmers can spare themselves the hassle of going to the city to get their loans and instead focus on taking care of their crops.
During the pilot launch, the Bukidnon farmers excitedly tried ePiso and enjoyed cashless purchases with RCBC’s partner stores for agri supplies.
One of the attendees, Alejandrino Tagupa, shared, “Sobrang laking tulong ang ginawa nila para sa amin. Nagpapasalamat ako ng marami sa Rizal Microbank at ePiso dahil mas dumami ang oportunidad para sa aming araw-araw na pagsasaka.” (What they did was really beneficial to us. I am grateful to Rizal Microbank and ePiso for opening my eyes to the many opportunities for farming.)
Judy Omblero also expressed gratitude to the bank, “Maraming salamat sa Rizal Microbank sa pagbibigay ng karagdagang puhunan para sa aming mga magsasaka. Salamat din sa ePiso sa pagdadala ng mas maraming paraan para makakuha ng kita.” (Thank you so much to Rizal Microbank for giving additional financing for us, small farmers. Also, thank you ePiso for paving the way for us to get our financing.)
Once ePiso formally becomes available nationwide, farmers can enjoy simpler ways to send money and pay bills to their loved ones anywhere in the country. With just the RCBC ePiso Mobile Wallet app, they can also manage their money and avoid unnecessary expenses.
“The uninterested, uninclined and unimaginative will not see the agriculture workers and MSMEs as an attractive market for financial services. They will only see the risks and challenges of serving the sector. But those who have internalized the noble role of serving the needs of rural communities, those who can innovate with a solid strategy and purpose, they are the ones who can see and unlock viable opportunities in this underserved market” shared Ellen Joyce Suficienca, Bangko Sentral ng Pilipinas Inclusive Finance Advocacy Office Acting Deputy Director. “We hope that the RCBC ePiso can become a showcase of innovative financial solutions for our MSMEs and farmers.”
The RCBC ePiso is one of the ways that the commercial bank is strengthening its commitment to bring progressive and relevant financial services to Filipinos, especially those who belong to the unbanked market. More individuals can experience ePiso as RCBC is set to pilot it in more communities nationwide.