LBP honors CFIs

The Land Bank of the Philippines (LBP) awarded 18 countryside financial institutions (CFIs)recently in recognition of their exemplary performance as credit conduits and partners in countryside development.

Under the rural bank category, the Network Rural Bank Inc. (NRB) of Davao City garnered the first place. This is the second time that NRB reaped this major award.

Second and third places went to the Marikina Valley Rural Bank Inc. of Marikina City and the Philippine Rural Banking Corp. of Cauayan, Isabela.

The runners up under the rural bank category are: Rural Green Bank of Caraga, Butuan City; Rural Bank of Angono Inc., Rizal; and Golden 7 Bank, Naga City.

Winners under the cooperative bank and thrift bank categories were the Cooperative Rural Bank of Misamis Oriental Inc. in Cagayan de Oro and the First Consolidated Bank (FCB) of Tagbilaran City, respectively. FCB won this award for two successive years now.

Special awards were given to three CFIs: Rural Green Bank of Caraga Inc., Butuan City, Agusan del Norte – best in profitability; Network Rural Bank, Inc., Davao City – best in capital build-up; and Cooperative Bank of Agusan del Sur – best in reciprocal business.

The LBP has accredited 526 or 58 percent of the 902 operating CFIs nationwide. Of the accredited CFIs, 87 percent or 460 are rural banks while cooperative and thrift banks make up 13 percent.

LBP president Gary B. Teves reported that in 2000, its loan releases to small farmers and fisherfolk cooperatives, coursed through 425 CFIs, reached P7.5 billion. The amount benefited 111,513 small farmers and fisherfolk nationwide.

It is the largest provider of funding to rural banks where cumulative rediscounting loans reached P38 billion since its rediscounting program for CFIs was launched in 1988.

The following are the regional winners: Region 1 – Rural Bank of Naguilian Inc., Naguilian, La Union; Region 2 – Philippine Rural Banking Corp., Cauyan, Isabela; Region 3 –Community Rural Bank Inc., Guimba, Nueva Ecija; Region 4 –Rural Bank of Angono Inc., Angono Rizal; Region 5 – Golden 7 Bank, Naga City, Camarines Sur; Region 6 – Rural Bank of Ilog Inc., Ilog, Negros Occidental;

Region 7 – Community Rural Bank of Catmon Inc., Catmon, Cebu; Region 8 – Rural Bank of Dulag, Dulag, Leyte; Region 9 – Rural Bank of Tangub Inc., Tangub City, Misamis Occidental; Region 10 – Rural Bank of Talisayan Inc., Talisayan, Misamis Oriental;Region 11 – Network Rural Bank Inc., Sasa, Davao City; NCR – Marikina Valley Rural Bank, Inc.,Marikina City; ARMM – Rural Bank of Kapatagan Valley Inc., Baroy, Lanao del Norte; Socsargen – Peninsula Rural Bank Inc., General Santos City, South Cotobato; and CARAGA – Rural Green Bank of Caraga Inc., Butuan City, Agusan del Norte.