Rizal Commercial Banking Corporation (RCBC) President and CEO Lorenzo V. Tan, and concurrently president of the Bankers Association of the Philippines (BAP), calls for increased meaningful partnerships between the government and the business sector to reach out to the unbanked sectors, during his speech at the Management Association of the Philippines General Membership Meeting. Tan together with Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. served as guest speaker during the assembly held at the Peninsula Manila in Makati City.
"We need to continuously harness the use of technological advancements and cooperation to further raise productivity and encourage sustainable economic development," said Tan.
As BAP's president for the third consecutive term, Tan shared the merging of the Philippine Stock Exchange (PSE) and the Philippines Dealing and Exchange Corp. (PDEX) under BSP's guidance. This is to address the centralization and mitigation of counterparty risks and efficiency on post-trade processes. He also shared the setting up of the Philippine Money Transmission System (PMTS), which will provide seamless integration of micropayments in the country.
"In RCBC, products like the MyWallet card, a debit card with no maintaining balance and can remit money at a low cost; and the establishment of the Rizal Microbank, which focuses on retail microfinancing, with branches in Southern Luzon and Mindanao, aim to bridge the gap between the bank and the unbanked sectors in the country," shared Tan.