Senatorial candidate and former Ilocos Sur governor Chavit Singson launched the VBank app on Sunday, Dec. 15, to reach underserved communities and allow them access to financial services, such as loans and secure financial transactions.
Senatorial candidate and former Ilocos Sur governor Chavit Singson (Photo from Singson's office)
In one of his visits to the province, the aspiring senator gave a demonstration of how the banking app works.
He said more than about banking, the app is “about giving every Filipino the tools to participate in our economy.”
“VBank makes it possible for anyone, regardless of location, to access essential financial services,” he added.
Currently available for download on the App Store and Google Play Store, the VBank app enables users to open a bank account entirely through the app, eliminating the need for tedious paperwork and long queues.
They can then send money to all banks and digital wallets, pay bills, and even purchase mobile loads.
There are now over 6,000 cash-in outlets nationwide for VBank to ensure “seamless transactions even for those in remote areas.”
These cash-in outlets include Tambunting Pawnshops, Puregold, and Alfamart.
“This is the future of financial empowerment in the Philippines,” Singson said.
“We’re not just launching a product; we’re creating growth opportunities, especially in areas like Pangasinan, where access to financial services is limited,” he added.
The launch of the banking app hopes to address the challenges of underserved communities that do not have access to financial institutions and services.
Citing the Bangko Sentral ng Pilipinas (BSP), Singson’s statement said that nearly 77 percent of Filipinos remain unbanked and they often rely on informal financial systems.
With VBank now available for download and use, Filipinos will have access to “a secure, user-friendly platform” tailored to their needs.
The app is designed to worn according to the needs of individuals and small businesses.
Users can manage their finances, access loans, transfer funds, and connect to a broader network of financial opportunities without needing to visit a physical bank.
Meanwhile, Singson also announced the “58 Days Pa-Raffle ni Manong Chavit,” a campaign aimed at engaging users and spreading awareness of VBank’s convenient features.
The raffle will award a total of 58 winners with P5,800, one winner of P58,000 daily, and a grand prize of P580,000 for one lucky VBank user on the 58th day.
To join, users need to download the VBank app, create an account, and follow Singson’s official Facebook page for updates.