BSP RENEWS ACCREDITATION OF RANG-AY BANK AS RFI
- February 28, 2018
The Bangko Sentral ng Pilipinas (BSP) has reaffirmed 8 rural banks accredited as rural financial institutions (RFIs) and announced the 21 cooperative groups which were also given the go-signal to act as RFIs. The RFIs were established as part of the implementation of the Agri-Agra Reform Credit Act of 2009.
BSP’s list of rural banks approved as RFIs have been listed since 2012. The list serves as guide to inform the public of which banks to approach for agri-agra credit. The banks are RANG-AY BANK, Rural Bank of Kiamba (Sarangani), Producers Bank, Rural Bank of Sta. Catalina, Rural Bank of Pilar, Common Wealth Rural Bank, Rural Bank of Bay and Rural Bank of Angeles.
In a circular dated December 20, 2017, BSP’s Supervision and Examination Sector managing director Chuchi Fonacier disclosed the 21 cooperatives that are also RFIs and approved by the Agricultural Credit Policy Council.
“Exposure to the accredited RFI will be eligible for determining compliance with the agri-agra requirement for as long as the RFI remains accredited,” said the BSP official.
The amended law has rationalized compliance by banks. It has retained the mandatory requirement of 25 percent that banks will set aside as loanable funds for agriculture and fisheries. Of the 25 percent, 10 percent are for agrarian reform-related loans.
