Question 1

What is Rural Bank of Placer (Surigao del Norte), Inc.?

Accepted Answer

Rural Bank of Placer (Surigao del Norte), Inc. is a community-focused rural bank based in the Philippines. The bank specializes in microfinance and agricultural lending services, serving the entrepreneurial poor and low-income communities across northeastern Mindanao.

With its head office located in Surigao City and branches throughout Surigao del Norte and neighboring provinces, the bank operates five branches strategically positioned to reach underserved communities. Rural Bank of Placer is a member of the Rural Bankers Association of the Philippines (RBAP) and is supervised by the Bangko Sentral ng Pilipinas (BSP).

Question 2

When was Rural Bank of Placer (Surigao del Norte), Inc. founded?

Accepted Answer

[Information not publicly available]

Question 3

Where is Rural Bank of Placer (Surigao del Norte), Inc. headquartered?

Accepted Answer

Rural Bank of Placer (Surigao del Norte), Inc. is headquartered in the J. Cuiting Building, Km. 1, National Highway, Barangay Washington, Surigao City, 8400 Surigao del Norte, Philippines. The head office location provides strategic access to both urban and rural communities in the CARAGA region of Mindanao.

The bank's leadership includes Dra. Bliss D. Cuiting, MD, FPAMS, who serves as both Chairman of the Board and President.

Question 4

Where does Rural Bank of Placer (Surigao del Norte), Inc. operate?

Accepted Answer

Rural Bank of Placer operates across Surigao del Norte and extends into Agusan del Norte province. The bank maintains five branches serving distinct communities:

The Placer Branch is located in Central, Placer, the municipality from which the bank takes its name. The Bad-as Branch serves Bad-as, also in Placer.

The Claver Branch operates in Bagakay, Claver, serving the mining and agricultural communities of this coastal municipality. The Dapa Branch extends the bank's reach to Dapa on Siargao Island, a popular tourist destination.

The Cabadbaran Branch serves Cabadbaran City in Agusan del Norte, expanding the bank's presence beyond Surigao del Norte. This network positions the bank to serve both coastal and inland rural communities throughout northeastern Mindanao.

Question 5

What services does Rural Bank of Placer (Surigao del Norte), Inc. offer?

Accepted Answer

Rural Bank of Placer offers a comprehensive range of deposit and lending products tailored to the needs of rural communities and microenterprises.

Deposit services include Regular Savings and Gold Savings accounts, providing secure savings options for clients.

Loan products are designed for multiple purposes. Salary and Pension Loans cover Educational Loans, Medicines and Hospitalization Loans, Home Improvement Loans, Livelihood Loans, and Debt Consolidation.

Micro-Enterprise Loans include the Barugan Group Loan program and the Sikat Individual Loan, both following microfinance principles. Business Agri-Agra Loans support agricultural and entrepreneurial activities through Working Capital loans, Expansion or Equipment Acquisition financing, and Agri-Agra Production Loans.

Electronic banking services include Point of Sale (POS) terminals, ATM services for deposit and balance inquiry, ATM debit for loan payments or other credits, and ATM cash withdrawals. The bank also facilitates remittances, including the government's 4P's (Pantawid Pamilyang Pilipino Program) disbursements through ATM cash withdrawals, serving as a vital financial access point for social assistance beneficiaries.

Question 6

What makes Rural Bank of Placer (Surigao del Norte), Inc. unique?

Accepted Answer

Rural Bank of Placer distinguishes itself through its strong commitment to microfinance principles and group lending methodologies. The bank's Barugan Group Loan program exemplifies its focus on collective financial empowerment, allowing communities to access credit through mutual support systems.

The bank's geographic footprint is particularly notable. By maintaining a presence on Siargao Island through the Dapa Branch, Rural Bank of Placer serves one of the Philippines' emerging tourism hubs while continuing to support traditional agricultural and fishing communities.

Rural Bank of Placer is recognized as a microfinance-oriented institution by the BSP and is included in the official list of banks with microfinance operations. This designation reflects the bank's adherence to microfinance best practices, including simplified loan procedures, non-collateralized lending based on cash flow analysis, and a focus on financial inclusion for the poor and low-income households.

Question 7

What type of financial institution is Rural Bank of Placer (Surigao del Norte), Inc.?

Accepted Answer

Rural Bank of Placer (Surigao del Norte), Inc. is classified as a Rural Bank under Philippine banking regulations. Rural banks in the Philippines are specialized financial institutions designed to provide banking and credit facilities to rural communities, with particular emphasis on agricultural financing and microfinance.

The bank is supervised and regulated by the Bangko Sentral ng Pilipinas (BSP) under the General Banking Act of 2000. As a rural bank, it operates within a framework that recognizes the peculiar characteristics of microfinance in loan requirements, terms, and amortization schedules.

Rural banks like Rural Bank of Placer play a crucial role in the Philippine financial system by extending financial services to areas underserved by larger commercial and universal banks. They serve as the primary banking touchpoint for farmers, small entrepreneurs, microenterprises, and low-income households in rural areas.

The bank is also a member institution of the Rural Bankers Association of the Philippines (RBAP) and participates in the Mindanao Microfinance Council, reflecting its integration into the broader rural banking and microfinance ecosystem in the Philippines.

Rural Bank of Placer (Surigao del Norte), Inc.

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