Meeting expectations through agriculture

As the Rural Bankers Association of the Philippines (RBAP) celebrates its 56th anniversary this year, the question asked is: Has the industry successfully met its main objective some 50 years after its creation?

Admittedly, in spite of the presence of rural banks in most rural communities and their best efforts to reach out to the poor sector, many Filipinos are still left unbanked. But that is not to say that rural banks have not been doing their jobs. In fact, in more than 60 percent of areas nationwide where they are located, rural banks are the only financial institutions that service the financial needs of the people. This shows that rural banks are socially and economically significant niche players in the Philippine banking system. The rural banking industry remains an important cog in the Philippine financial system, especially in rural communities.