BSP RENEWS ACCREDITATION OF RANG-AY BANK AS RFI

The Bangko Sentral ng Pilipinas (BSP) has reaccredited 10 banks as rural financial institutions (RFIs). These ten banks were accredited for the purpose of implementing the Agri-Agra Reform Credit Act of 2009 (RA 10000).

BSP’s list of banks approved as RFIs have been listed since 2012 and serves as a guide to inform the public of which banks to approach for agri-agra credit compliance. The banks are RANG-AY BANK, Producers Bank, Rural Bank of Sta. Catalina, Common Wealth Rural Bank, Rural Bank of Bay, Rural Bank of Angeles, New Rural Bank of San Leonardo (Nueva Ecija) First Isabela Cooperative Bank, Rural Bank of San Mateo (Isabela) and Cavite United Rural Bank.

Rang-ay Bank is the only bank based in Region I and CAR among the accredited rural banks. Rang-ay finances agri-Businesses such as rice-millers, vegetable haulers, contract growers, warehousers, agri-suppliers and bamboo growers all over the region. Agri-entrepreneurs may apply for start-up capital, additional working capital or expansion of existing agri-business. The bank also provides collateral-free Farmers Loans to small scale cultivators, farmers, tenants or lease holders. The program also covers backyard or cottage poultry projects and livestock raisers for additional capital agricultural projects such as livestock and fishery projects, planting of rice, corn and vegetables and other food crops.