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LifeBank (Philippines)
LifeBank is a Filipino rural bank based in Iloilo, Philippines. It is divided into two corporate arms each with its own designated finance and banking services functions: the LifeBank RB (LifeBank - A Rural Bank) and LifeBank MFI (LifeBank Microfinance Foundation Inc.).
It started operations on March 21, 1970 in Maasin, Iloilo as Rural Bank of Maasin. As of 2021, it has a total of 4 branches and 44 branch-lite units (BLU) under LifeBank and 536 branches all over the Philippines under LifeBank MFI.
Though LifeBank MFI and LifeBank RB are both participating members of National Microfinance Council, only the LifeBank RB is the sole member of Philippine Deposit Insurance Corporation (PDIC) as bank licensed and supervised under the Bangko Sentral ng Pilipinas (BSP)
For the LifeBank RB, it offers (i) deposit products such as regular Philippine peso and kids passbook savings accounts and foreign currency deposit unit (FCDU) account; loan products like business loan, microfinance program loan (Ikabuhi Microfinance Program), mortgage loan, agri/crop loan, auto loan, salary loan, and Teacher's Salary loan; and money transfer service via Western Union. LifeBank MFI on the other hand, offers savings and loan products like Ikabuhi Microfinance Program (IMP), house repair loan, salary loan (exclusive for its employees), education loan, and housing sanitation loan for poor people.
LifeBank MFI (LBMF) as a non-governmental organization (NGO) and non-profit microfinance company arm of LifeBank, is the third largest microfinance institution in the Philippines. Except for products that it offers for its 300,000+ clients across the Philippines, it played a role in providing social responsible and sustainable programs with significant high societal impact vital in nation building for the benefit of people in the marginalized sector.
LifeBank, formerly Rural Bank of Maasin (Iloilo), Inc. was established on March 21, 1970 by the Perlas Family (Familia Perlas) and other prominent members of the community of the Municipality of Maasin, Iloilo. The objective of the bank was to extend financial services in areas where access to credit was limited.
In 1993, the Board of Directors held its first planning and visioning session where the bank’s vision and mission was defined. This was when the Sustainable Development Investment Unit (SDIU) was set up. This was a unit to be developed that would institutionalize lending for sustainable development projects, the objective of which is the development of the human potential.
In June 1995, a branch was established in the Municipality of Santa Barbara, Iloilo. The branch experienced phenomenal growth as its deposits, loan portfolio and resources increased beyond expectations while recognizing and affirming trust within the community. It was also in 1995 that the Ikabuhi Microfinance Program (IMP) was established. The program aims to activate savings and provide credit to enterprising poor women.
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LifeBank (Philippines)
LifeBank is a Filipino rural bank based in Iloilo, Philippines. It is divided into two corporate arms each with its own designated finance and banking services functions: the LifeBank RB (LifeBank - A Rural Bank) and LifeBank MFI (LifeBank Microfinance Foundation Inc.).
It started operations on March 21, 1970 in Maasin, Iloilo as Rural Bank of Maasin. As of 2021, it has a total of 4 branches and 44 branch-lite units (BLU) under LifeBank and 536 branches all over the Philippines under LifeBank MFI.
Though LifeBank MFI and LifeBank RB are both participating members of National Microfinance Council, only the LifeBank RB is the sole member of Philippine Deposit Insurance Corporation (PDIC) as bank licensed and supervised under the Bangko Sentral ng Pilipinas (BSP)
For the LifeBank RB, it offers (i) deposit products such as regular Philippine peso and kids passbook savings accounts and foreign currency deposit unit (FCDU) account; loan products like business loan, microfinance program loan (Ikabuhi Microfinance Program), mortgage loan, agri/crop loan, auto loan, salary loan, and Teacher's Salary loan; and money transfer service via Western Union. LifeBank MFI on the other hand, offers savings and loan products like Ikabuhi Microfinance Program (IMP), house repair loan, salary loan (exclusive for its employees), education loan, and housing sanitation loan for poor people.
LifeBank MFI (LBMF) as a non-governmental organization (NGO) and non-profit microfinance company arm of LifeBank, is the third largest microfinance institution in the Philippines. Except for products that it offers for its 300,000+ clients across the Philippines, it played a role in providing social responsible and sustainable programs with significant high societal impact vital in nation building for the benefit of people in the marginalized sector.
LifeBank, formerly Rural Bank of Maasin (Iloilo), Inc. was established on March 21, 1970 by the Perlas Family (Familia Perlas) and other prominent members of the community of the Municipality of Maasin, Iloilo. The objective of the bank was to extend financial services in areas where access to credit was limited.
In 1993, the Board of Directors held its first planning and visioning session where the bank’s vision and mission was defined. This was when the Sustainable Development Investment Unit (SDIU) was set up. This was a unit to be developed that would institutionalize lending for sustainable development projects, the objective of which is the development of the human potential.
In June 1995, a branch was established in the Municipality of Santa Barbara, Iloilo. The branch experienced phenomenal growth as its deposits, loan portfolio and resources increased beyond expectations while recognizing and affirming trust within the community. It was also in 1995 that the Ikabuhi Microfinance Program (IMP) was established. The program aims to activate savings and provide credit to enterprising poor women.