THE Bangko Sentral ng Pilipinas (BSP) recently gave recognition to its industry partners and stakeholders who have gone above and beyond their duties as part of the industry and helped the country with its pandemic response and recovery plans.
One such stakeholder was Rizal Commercial Banking Corporation (RCBC), which was recognized as an Outstanding Stakeholder by the BSP during its recently concluded 2021 Outstanding BSP Stakeholders Appreciation ceremony, which carried the theme “Pagpupugay at Pagkilala sa Gitna ng Hamon ng Pandemya.”
The recognition was truly special and memorable since RCBC was one of only two banks that got overall recognition, while the rest of the awardees were recognized for specific branch accomplishments.
RCBC was among the 161 stakeholders who were given recognition during the online ceremony. The awardees included private entities, government agencies, local and international associations, financial industry players, service providers, NGOs, media, foundations and even individuals from all over the Philippines, Singapore and even Malaysia.
“We are humbled with this recognition. The BSP’s national goals and standards have always guided us in our efforts when it comes to aiding our fellow Filipinos especially during the pandemic. We are committed to continue supporting BSP’s initiatives in helping the country usher in a new and even better era when it comes to inclusive digital finance,” said Eugene Acevedo, President and Chief Executive Officer of RCBC in a statement sent to FrontpagePH.com.
RCBC was the first private universal bank to have received the Monetary Board’s approval to disburse funds for the government’s social amelioration program. RCBC also led the first massive effort from the private sector to help facilitate fund transfer for the government’s beneficiaries through the Ayuda Arangkada program.
According to recent data, a total of P12.43 billion has been disbursed through the program, benefitting 4.4 million households or a total of 22 million individuals in 71 out of 81 provinces in the country.
The BSP recognized the important role that RCBC plays in helping the nation recover from the pandemic. It has lauded several financial inclusion and digital transformation projects from RCBC, which includes its streamlining of its digital banking platforms, the massive rollout of its ATM Go mobile Point of Sale terminals in the countryside in order to reach more of the underserved and the underbanked, and the push for cardless withdrawal and easy cash transfer especially for government beneficiaries, including SSS members.
The BSP also commended RCBC’s financial inclusion super app, DiskarTech, for successfully onboarding low-income families into the formal financial system while promoting financial inclusion, financial literacy, and pushing for digital migration.
The Department of Social Welfare and Development (DSWD) also recognized RCBC’s pivotal role in creating partnerships with rural banks, small retail stores, microfinance institutions, and pawnshops in order to deliver the government’s emergency subsidy programs to its beneficiaries.
Meanwhile, the Department of Labor and Employment (DOLE) underscored the importance of RCBC’s collaborative efforts in helping struggling workers carry out important banking transactions amid the pandemic.
“You have been our partners in the statistical undertakings, information requirements, advocacy programs and various initiatives for many years. You never left us even during the most trying times. Now we enjoin you to help us prepare for the new economy by promoting digitalization, financial inclusion, and sustainability. Together, we can BSP—meaning ‘Build a Stronger Philippines,’” said BSP Governor Benjamin Diokno.
Acevedo also emphasized the importance of cooperation across the industry in helping the country recover from the pandemic.
“The COVID-19 has impacted our lives negatively, but at the same time, it is a relief to see such a crisis bring out the best in the industry. We are proud to be recognized as among key players who have made significant contributions in making important innovations to keep banking accessible to millions of Filipinos who now consider it their lifeline. This recognition from the BSP drives us to continue innovating and making safe and inclusive digital banking available to every Filipino,” said Lito Villanueva, executive vice president and chief innovation and inclusion officer of RCBC.