The Yuchengco group’s Rizal Commercial Banking Corporation (RCBC) has identified growth opportunities for cooperatives throughout the Philippines and has committed to deliver tailored financial solutions and support for the sector.
In a statement, RCBC Head of Niche Markets and Payments Channel Butch Lustado said RCBC has remained steadfast in its commitment to provide relevant financial services and world-class customer experience to all cooperatives in the country.
During the recently held "Forging Alliances: Championing The Power of Partnership” event organized by RCBC, Lustado said this “This forum aims to help everyone navigate the challenges as well as identify opportunities for the cooperative sector through meaningful and relevant collaboration within the ecosystem.”
Also during the event, RCBC Chief Economist Michael Ricafort said there are several growth pillars in the Philippines that could provide opportunities for cooperatives. He said these pillars include the population, tourism sector, Business Process Outsourcing (BPO), emphasizing that the country’s “greatest asset is its population.”
RCBC Head of SME Group Tina Vicente shed light on specific growth opportunities, particularly within the transportation sector.
"The burgeoning working population necessitates improvements in public transportation, presenting a significant opportunity for cooperatives. Additionally, catering to transportation needs within tourism hotspots offers further avenues for cooperative growth,” she noted.
Vicente further elaborated on RCBC's supportive stance towards cooperatives, citing the bank’s present support for a number of Cooperatives.
She said RCBC understands the transformative impact that cooperatives have and that is why the bank aims to bridge the financial gap through financial solutions that empower these enterprises to thrive.
"We assess the capabilities, membership, financial stability, and business viability of cooperatives to ensure they can leverage growth opportunities effectively within the economy," Vicente further said.