RCBC Helps 4Ps/CCT Families Easily Access Government Aid in Lake Sebu

Rizal Commercial Banking Corporation (RCBC), a leading challenger bank in the Philippines, has partnered with the Department of Social Welfare and Development (DSWD) to assist hundreds of Pantawid Pamilyang Pilipino Program (4Ps)/Conditional Cash Transfer (CCT) beneficiaries in Lake Sebu, South Cotabato. This geographically isolated and disadvantaged area (GIDA) has limited access to financial services, making it difficult for residents to withdraw government aid.

Through its partnership with DSWD, RCBC has enabled 4Ps/CCT beneficiaries to cash out aid from the national government quickly and conveniently. Partnering with local sari-sari stores such as Ebanen, Sigfred, and Negros Rice, RCBC facilitated over P2 million in cash withdrawals for these households in just three days.

RCBC’s innovative solution, RCBC ATM Go, is the country’s first handheld automated teller machine that operates on a grassroots level. It uses mobile point-of-sale devices to provide financial services in unbanked and underserved communities. With nearly 2,000 terminals operated by thousands of partner merchants, RCBC has the most extensive reach among private universal banks in the Philippines, covering all 82 provinces. More than 65% of the transactions conducted through RCBC ATM Go are social grant cash withdrawals by CCT/4Ps beneficiaries, mostly residing in remote communities. Notably, RCBC has over 100 ATM Go terminals servicing all five provinces in the Bangsamoro Autonomous Region in Muslim Mindanao.

Under the RCBC-DSWD Memorandum of Agreement signed in December 2022, RCBC commits to providing alternative payout channels for 4Ps/CCT beneficiaries. This collaboration builds on RCBC’s previous efforts in assisting the national government during the COVID-19 pandemic. In 2021, RCBC played a significant role in distributing over Php 21.3 billion through its social amelioration program, benefiting more than 5.6 million households and 28 million individuals.

RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer, Lito Villanueva, emphasizes the bank’s commitment to making banking accessible and meaningful for all Filipinos. Villanueva highlights RCBC’s digital-forward and frictionless banking services, such as RCBC ATM Go, which effectively serve geographically isolated and disadvantaged areas like Lake Sebu.

Lake Sebu, being a remote community, lacks the presence of traditional banks or ATMs. As a result, residents previously had to travel for an hour and incur transportation costs of up to P200 to access financial aid. With over 13,000 4Ps/CCT beneficiaries in Lake Sebu, existing financial service providers in the area were unable to cater to everyone’s needs.

“The pilot testing conducted in the three (3) barangays of Lake Sebu, South Cotabato in partnership with RCBC has been truly successful. The 4Ps beneficiaries were able to withdraw their grants quicker and more efficiently – it only took them less than a minute to receive the money. We would like to extend our thanks to RCBC for this initiative,” says DSWD SOCCSKARGEN Regional Director Loreto Jr. V. Cabaya. SOCCSKARGEN covers the provinces of South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos in Region 12.

In addition to RCBC ATM Go, RCBC has implemented other digital financial innovations to cater to the needs of the Filipino mass market. These include the RCBC Digital app, a one-stop-shop digital banking platform, RCBC DiskarTech, the Philippines’ first multi-lingual financial inclusion super app, and RCBC Moneybela Barangayan Banking, a physical-digital banking service that uses sustainable e-trikes to reach geographically distant and disadvantaged areas, including conflict zones.

Despite the challenges posed by the COVID-19 pandemic, RCBC has experienced remarkable growth and has become the Philippines’ 5th largest privately-owned universal bank, surpassing P1 trillion in assets by June 2022. The bank’s continuous digital and business transformation has earned it numerous accolades, including being recognized as the Philippines’ Best Bank for Digital by Asiamoney and winning awards for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards. RCBC’s viral and creative digital ad campaigns have also generated over 17 million views, earning the bank the YouTube challenger award. Recently, RCBC was named the Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.