CitySavings to provide loan facility for DAR employees

MANILA, Philippines — The thrift banking arm of Aboitiz-led Union Bank of the Philippines is providing a salary loan facility for the employees of the Department of Agrarian Reform (DAR).

The government employee loan program to be provided by City Savings Bank to DAR employees kicked off after CitySavings president and CEO Lorenzo Ocampo signed a memorandum of agreement (MOA) with DAR Secretary Conrado Estrella III.

Ocampo said the mid-sized bank is extending easily accessible, value-adding loan services to all DAR employees across the country.

“We will be deploying our Loan Rangers program so that your employees do not need to go to our physical branches,” Ocampo said, supporting the thrust of CitySavings in creating an innovative and seamless banking experience for customers.

Estrella expressed appreciation for the DAR’s continuing partnership with the Aboitiz Group.

“I am glad that it is the mission of the company, together with CitySavings, to give these farmers and agrarian reform beneficiaries the chance to really improve their lives via livelihood and financial inclusion projects,” Estrella said.

With the partnership, DAR employees now have access to other types of loans.

“And we promise we’ll pay off these loans,” Estrella said.

Apart from the salary loan facility, CitySavings is also conducting Project Per@parasyon, its practical wealth management program, for DAR employees.

This is part of CitySavings’ corporate social responsibility initiatives as it advocates financial literacy.

Meanwhile, a memorandum of understanding was also signed between DAR and Aboitiz-owned Pilmico on Oct. 14.

CitySavings is the country’s third largest thrift bank in terms of assets with P118.6 billion and second in terms of capital with P16.64 billion as of end-June.