STAKEHOLDERS of Aspac Rural Bank Inc. have infused a fresh capital of P500 million to fund loan requirements of small and medium-sized businesses and individual borrowers.
With the Philippine economy growing at a rapid speed of 7.6 percent, Augusto Go, former chairman of Aspac Rural Bank, said the bank intends to help small and medium-sized enterprises (SMEs) get access to capital with faster loan processing and approval at interest rates at par or lower than the industry rates.
“We are professionalizing our rural bank so that we will be able to grant loans faster for SMEs. We will offer salary loans, motorcycle loans and other consumer loans,” said Go, the bank’s co-owner, in an interview Friday, Jan. 27, 2023.
The Cebu-based bank is owned by the Go and Ong families.
Go noted that the additional capital of P500 million is just an initial infusion to boost its lending exposure to the SME sector, which is touted as the backbone of the country’s economy.
Aspac, also known as Asia Pacific Bank, was established 27 years ago. It already has 13 branches all over the province.
Besides boosting its loan capital, Go announced that the bank has been undergoing a major transformation through technology and innovation, including the bank’s new logo and branding.
It likewise embarked on a digital transformation journey, investing for an enhanced website and digital apps, among others to see more consumer engagement and to keep up with the changing times.
The bank will also unveil its model branch in Toledo City, Cebu before the end of the year, whose look and upgraded services will be replicated in all of its branches across Cebu.
It will also introduce soon its new set of leaders who will propel the homegrown bank to greater heights.
Presently, Aspac has authorized capital of P270 million with a deposit portfolio of P750 million and depositor base of 10,000.
Go said they intend to at least double the number of its depositors in two years’ time on the back of the major transformation the bank is currently undertaking. (KOC)