Further rural banking sector consolidation is being encouraged with the revival of a program that expired last August, a senior Bangko Sentral ng Pilipinas (BSP) official said. Advertisements“It is a relaunching with some amendments,” central Deputy Governor Chuchi Fonacier told reporters, referring to the Consolidation Program for Rural Banks (CPRB) launched in August 2015 by the BSP, Philippine Deposit Insurance Corp. and Land Bank of the Phulippines. The CBRP aimed to strengthen and enhance the viability of rural banks given their importance in providing essential financial services to communities and in promoting financial inclusion and stability. Availing rural banks were given assistance in terms of financial advice, business process improvement and capacity building. The two groups, which comprise nine banks, were part of four that participated in the CPRB, Tan said without providing more details.

Source: Manila Times November 01, 2017 18:11 UTC