Domestic Retail Bank of the Year - Philippines SME Bank of the Year - Philippines
RCBC: Bridging the gender gap in banking
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ore than 99% of the country’s business landscape is composed of Small and Medium Enterprises (SMEs), a sector considered by the government as vital to the country’s economic growth and stability. RCBC expanded its presence in the SME market to reach out to these entrepreneurs. Programs were designed to be easily accessible to the needs of players in this segment to contribute to the government’s initiatives to improve small businesses’ access to credit and build a stronger economy.
International Finance Corporation (IFC), was one of two winners of the IFC CEO Gender Award for promoting gendersmart solutions, besting 114 nominees from more than 20 different IFC projects. This joint project paved the way for RCBC to become the first bank in East Asia to implement a women-focused program under the East Asia and the Pacific (EAP) Women in Business Program, disbursing almost 1,400 loans worth $70 million to women-owned businesses. The main objective of this specialized loan program is to break barriers and challenge limitations that women Women entrepreneurs entrepreneurs are faced with by expanding Economic empowerment is widely their access to financial services. recognized as an important factor in global According to an IFC study, women financial stability and poverty alleviation. owners of SMEs in the Philippines face a However, the business of running a larger credit gap of USD971 million versus business has always been known to be a their male counterparts’ USD817 million. man’s world. Women are mostly excluded Taking to heart its role in empowering from this. women by helping them expand On the other hand, studies show their business potential, RCBC, with that female customers have a higher IFC’s support, conducted focus group propensity to save both as business and discussions (FGDs) to develop more ways personal customers. They are even more to improve the program. meticulous and have lower risk tolerance Such has laid the foundation for an in business matters. They are multiupgraded version of RCBC’s loan program faceted individuals balancing their roles which now includes the following product as mothers, wives, career and/ or business enhancements: women, among others. Hence, they • A 90-day payment choose a bank that can make their life “holiday” during simpler, one that offers flexibility, offers maternity leave period a human touch and meets their business • Dedicated women’s champion account needs. managers • Business building networking forums The eWMN loan program • Business education and skills training The only local bank that has a special • Automatic eWoman deposit account financing program for women is RCBC upon approval of the loan through its e-WMN program. • Transaction journal for detailed In a continuing effort to address notation of checking account the changing needs transactions “The main objective of of Philippine SMEs, These latest features this specialized loan specifically the financial are consistent with program is to break inclusion of women the Bank’s directive to barriers and challenge shift from a mind set of entrepreneurs, RCBC relimitations that launched its loan program “transactional banking” women entrepreneurs to that of “relationship designed for women are faced with by under the eWMN Brand, banking”, which is key to expanding their access helping clients propel their which the Bank originally to financial services.” introduced under the name businesses to a higher level. Women’s Enterprise Loan In March 2014, the Program. newly improved program was officially The program, launched in 2012 in re-launched and re-branded as e-Woman partnership with the World Bank’s or “eWMN” with a tag line “Expanding 52 ASIAN BANKING AND FINANCE | DECEMBER 2015
RCBC building
Women’s Potential”. This change allowed RCBC to institutionalize the e-Woman brand, making it available to cash management, investments and other services. Seminars, trade fairs, and forums with professional women groups, such as the Business and Professional Women (BPW) and Network for Enterprising Women (NEW), were then rolled out providing avenues for clients and even non-clients to expand their networks and broaden their business know-how. The evolution of RCBC’s eWMN program gives honor to all passionate, strong and hard-working women who play various roles giving importance to their families, career and advocacies. It is a nod to women’s expanding role in the SME industry and a recognition of the importance of women empowerment in the country’s economic progress.
CONTACT Company Name: Rizal Commercial Banking Corporation (RCBC) Address: Yuchengco Tower RCBC Plaza, 6819 Ayala Avenue Makati City 0727, Philippines Phone Number: +632 8949000 local 9553 or 1619, +632 4704590 Fax Number: +632 8783490 Email: avtinio@rcbc.com, mttorres@rcbc.com Website: www.rcbcplaza.com.ph