Legazpi Savings Bank (LSB), a wholly-owned subsidiary of the Bank of the Philippine Islands (BPI), is expanding its reach outside the Bicol region by more than doubling the number of its branches so it can serve more public school teachers nationwide.

In a media briefing, LSB President Jerome B. Minglana said that, with LSB’s acquisition by BPI, “we now have the capacity to expand nationwide. We have very aggressive targets. That's why as we are expanding nationwide, we are hoping to be part of the big three in this business in the next five years.”

LSB was acquired by Robinsons Bank in 2012 and then BPI took over ownership of LSB when it acquired and merged with Robinsons Bank.

Minglana said LSB will now take the lead in serving the financial needs of public school teachers through its array of products and “we have already secured the approval of the Bangko Sentral for BPI and BPI-Banko branches to cross-sell teachers' loans.”

“And the impact of that is: teachers nationwide can now walk to any BPI or BPI-Banco branch, even if they're not BPI-LSB, because there is now approval to cross-sell,” he explained.

Aside from vastly expanding its reach via BPI and Banko’s 1,200 branches, Minglana said they are also aiming to expand organically by increasing their sales support offices (which focuses purely on lending activities to teachers).

“We have 27 branches all in all, including branch-like units. But only 17 branches accept deposits while the 10 are the sales support offices for loans. It's like a lending center. We need to open more to coordinate closely with the Department of Education’s regional offices... In fact, we are growing that to about 25 sales support offices across all regions,” he added.

Minglana said they will be opening the 15 new office branches next year since they can be set up easily as “it's not a complicated office. Unlike a branch that has to have a vault. It's really just an office where teachers can visit. It's where our sales and operations people will congregate.”

LSB is reinforcing its commitment to promote financial inclusion through innovative products and services that are designed to empower local communities.

This aligns with BPI’s ongoing initiatives to help individuals, businesses, and families in regions where they are present to achieve their financial goals, improve their financial well-being, and build sustainable future.

“LSB has always been at the heart of Bicol and nearby provinces, providing accessible and affordable banking solutions to communities that once had no access to financial services," said Minglana.

“Our mission is to bridge this gap by offering financial products, such as personal loans and deposit accounts, tailored to meet the needs of Filipinos, particularly teachers,” he added.

LSB’s focus before was to offer retail loans mostly to people in the countryside through its branch network. In 2021, the bank pivoted into a new strategic direction—to be a one-product institution concentrating on the Automatic Payroll Deduction System (APDS). 

This new trajectory has allowed the bank to focus on providing more affordable loans to teachers across the country. 

Beyond lending, LSB is dedicated to fostering financial literacy and wellness among its customers. With plans to expand its service offerings and leverage digital tools, the bank is creating opportunities for underserved communities to access vital financial services that improve their quality of life.

“LSB exemplifies our vision of financial inclusion, reaching out to underserved markets while complementing BPI’s broad array of financial services which now extends to teachers across the nation,” said Minglana.