CitySavings and DAR sign government employee loan agreement
Municipal savings bank (CitySavings), the subsidiary savings bank of Union Bank of the Philippines (UnionBank), and a proud member of the Aboitiz Group, has signed a Memorandum of Understanding with the Department of Agrarian Reform (DAR), which will enable CitySavings to provide a payday loan facility to DAR employees nationwide. This was held at the same time as a Memorandum of Understanding (MOU) was also signed between DAR and Pilmico, another Aboitiz company, on October 14, 2022, at the Aboitiz office in Taguig City.
Secretary Estrella expressed her appreciation for DAR’s continued partnership with the Aboitiz Group. “I am pleased that the company’s mission, in conjunction with CitySavings, is to empower these farmers and land reform beneficiaries to truly improve their lives through livelihood and financial inclusion projects,” Dry. Estelle said.
“Through today’s signing of this Memorandum of Understanding with the Department of Land Reform, City Savings Bank will be able to extend easily accessible value-added lending services to all your employees across the country. We will deploy our Loan Rangers so your employees don’t need to travel to our physical branches,” added Lorenzo T. Ocampo, President and CEO of CitySavings.
This, Ocampo explained, supports the Bank’s drive to create an innovative and seamless banking experience for its customers.
“Thank you for the opportunity for DAR to have access to other types of loans. And we promise that we will repay those loans,” Sec. Estrella jokingly responded.
Apart from the payday loan facility, CitySavings will also lead the project [email protected], its hands-on wealth management program, for DAR employees. This is part of the corporate social responsibility initiatives of CitySavings, which promotes financial literacy.
“Simple is Good” – CitySavings’ slogan – sums up its offering of simple banking services, as well as a wide range of mass-market financial products to further promote financial inclusion. CitySavings is moving forward to become the first mass-market digital bank in the Philippines.
About City Savings Bank
City Savings Bank, Inc. (CitySavings) is the subsidiary savings bank of Union Bank of the Philippines (UnionBank) and a member of the Aboitiz Group. It is one of the largest savings banks in the country, offering a wide range of mass financial products and services, such as payday loans to public and private school teachers, retirement loans to GSIS retirees and SSS, motorcycle loans, corporate employee loans, government salary loans and traditional deposit products.
Today, CitySavings has over 140 branches nationwide. It is poised to become the first mass-market bank in the Philippines, paving the way for inclusive and sustainable prosperity across the country.