Tuesday, August 07, 2007 Aspac Bank targets new market in Cebu
WITH the opening of its third branch in Cebu, Asia Pacific (Aspac) Rural Bank is targeting more families of college students in paying their tuition through the bank.
This was what lawyer Augusto Go, Aspac Rural Bank Inc. chairman of the board and president, said will be the bank’s niche, apart from being a financial institution primarily for the small and medium scale entrepreneurs.
“This means that students, say, in Tabogon will not have to send their tuition fees through a relative, which is dangerous and risky,” Go told reporters during the opening of Aspac’s third branch last Saturday at the company-owned structure on N. Bacalso Ave., across Elizabeth Mall.
On that same day, the bank’s branches in the University of Cebu (UC) in Banilad, the Carbon branch in Freedom Park and the four-story N. Bacalso branch were blessed and inaugurated.
Go said any Aspac branch can receive tuition payment for UC, University of San Carlos, Cebu Doctors’ University, Cebu Institute of Technology and the College of Technological Sciences–Cebu, as well as payments from Mactan Electric Cooperative subscribers.
He said Aspac is working to include Velez College and the University of Southern Philippines in the accredited schools.
Competitive
Aspac also receives domestic and international remittances through Western Union, real estate mortgage, salary loan, as well as chattel mortgage, which can also be availed at competitive rates.
Go said because Aspac generally caters to the C,D, and E markets, anybody can open a savings account at P200.
At P1,000, one can open a time deposit account, P3,000 for a current checking account and P25,000 for a special savings account.
Meanwhile, he said that apart from the bullish banking industry in Cebu, the bank’s “sound financial condition” has paved the way for the expansion.
“Central Bank recently granted us authority to open additional branches because of our sound financial condition,” Go said.
The bank has 13 branches in Cebu, 11 of which stand on company owned lands and buildings.
Aspac Rural Bank Inc. reported an authorized capital of P150 million, with a net worth of P163.13 million.
Go said Aspac is targeting total resources to grow more than P700 million by the end of the year. (MMM)
