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RCBC, CDA bolstering financial inclusion for cooperatives

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THE COOPERATIVE Development Authority (CDA) and the Rizal Commercial Banking Corp. (RCBC) have signed a memorandum of agreement (MOA) to promote the development and financial sustainability of cooperatives nationwide jointly.

RCBC president and chief executive officer Reginald B. Cariaso, RCBC executive vice president Richard C. Lim, and CDA Chairperson Alexander B. Raquepo signed the agreement. Also present were CDA Administrator Emmanuel M. Santiaquel and Deputy Administrator Ray Ragel Elevazo.

The CDA is an attached agency of the Department of Trade and Industry (DTI) responsible for the registration, regulation, and development of cooperatives in the Philippines. Based on its latest data, there are more than 20,000 registered cooperatives with combined total assets of P813 billion as of the end 2024.

During the signing ceremonies, Cariaso said the accord will unleash the real potential and power of the cooperatives, while making big bank technology accessible to the smallest communities.

“Cooperatives are the bedrock of our local economy, providing livelihood and hope to millions of Filipinos. For cooperatives to be successful, it needs more than just passion. It needs proper support and the right tools to achieve financial sustainability and improve resilience,” Cariaso said.

“We are opening the doors, democratizing financial education and access to new business opportunities as well as digital products and services,” Cariaso added.

The MOA is the formal foundation of RCBC’s Kabalikat Cooperative Program, an initiative designed to give cooperatives access to financial education, responsible banking services, and digital solutions that help them grow, serve their members better, and build long-term institutional strength.

It serves all types of cooperatives, with its current client base primarily composed of multi-purpose, credit and savings, institutional and employee, labor services, electric, and cooperative banks.

For his part, Raquepo committed that agency’s full support. “You have our full commitment, support, and active participation in upscaling the Kabalikat program—making it a program truly worthy of every Filipino who believes in the power of banking and cooperatives so that they can be formally part of financial inclusion,” he said.

Under the MOA, RCBC and CDA will collaborate across three key areas: Capacity Building and Financial Literacy, Information and Data exchange, and Joint Advocacy and promotion..

Currently the fifth largest privately owned bank in the country, RCBC remains committed to championing financial literacy and empowering communities through accessible and relevant banking solutions. Through RCBC’s Kabalikat Cooperative Program, which has been awarded as ‘Best Financial Inclusion 2025’ by the Global Retail Banking Innovations Award, the bank is able to support the growth of cooperatives, helping them build financial resilience and achieve long-term economic progress.

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Community

BSP, Parañaque LGU, and BDO Foundation forge partnership for fin ed program

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Before the break of dawn, Jose Cabanza Jr. of Barangay La Huerta in Parañaque wakes up to prepare his fishing equipment before heading to Manila Bay by sunrise to haul in his catch for the day. But for fishers like Jose, not every day is a good day. “Pabago-bago po [ang kita] katulad ngayon, medyo may sama ng tubig, namamatay ang ibang tahong (My earnings fluctuate. Recently, some mussels are dying due to poor water conditions),” he said.

Jose is just one of the target beneficiaries of a financial education program of the Bangko Sentral ng Pilipinas (BSP), the City Government of Parañaque, and BDO Foundation. Advocated by the City Agricultural, Fisheries, and Aquatic Services Office of Parañaque, the initiative aims to equip fisherfolk with the knowledge and tools to better manage their finances amid the challenges faced by the sector.

“They need technical knowledge to improve their lives,” said Amie Hernandez, OIC of the Parañaque City Agri Office. “This partnership actually seals that intention. And someday, our people will be more than capable of managing their financial capacity or their resources.”

Representatives from Parañaque’s fisheries sector, BSP, BDO Foundation, and other stakeholders gather at the Parañaque city hall to witness the launch of the partners’ financial education program.

The financial education program was launched recently in a ceremonial event held at the Parañaque city hall. Present were leaders of fishing cooperatives in the city, key stakeholders from other sectors, and representatives from the BSP and BDO Foundation. Also in attendance were Parañaque City mayor Edwin Olivarez and District 1 representative Eric Olivarez.

In his message of support, BDO Foundation president Mario Deriquito shared “3 Ps” that illustrate what the financial education program is all about—partnership, practical knowledge, and preparedness. “Kung marunong po ang mga tao na mamahala sa kanilang kinikita, nagiging matatag po sila (If people know how to manage their finances, they become resilient),” Deriquito said.

The BSP also lauded the partnership as it supports its whole-of-society approach to financial education. “This collaboration shows what is possible when the public and private sectors, such as BDO Foundation, work hand-in-hand for the good of our communities,” said BSP Economic and Financial Learning Office director Marianne Santos. Other beneficiaries are also looking forward to the financial education program. “Nag-iipon po kasi talaga kami mag-asawa pero sabi ko parang mas maganda may matututunan pa. Gusto ko po matutunan yung proper na pag-iipon sa bangko (My husband and I are already saving, but we want to learn more. I want to understand the proper way of saving in a bank),” said Mary Jane Gutierrez, a vendor at Parañaque’s Bulungan Seafood Market.

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Featured

InLife and SeaFam partner to advance financial wellness for seafarers and their families

by Contributor
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InLife and SeaFam partnership for financial education and protection. InLife President and CEO Raoul Antonio E. Littaua seals the partnership with SeaFam Chairperson Arriane Blanche Rocha. Witnessing the agreement are SeaFam Treasurer Miguel Angel Rocha (extreme left) and InLife@Work Head and Chief Risk Officer Efren C. Caringal Jr. (extreme right).

First and largest Filipino life insurer InLife and Seafaring Family International  (SeaFam) has entered into a strategic partnership to strengthen financial education and access to protection solutions for the Filipino seafaring community.

The collaboration brings together InLife’s financial expertise and SeaFam’s strong community network to deliver financial literacy initiatives, guidance sessions, and access to insurance solutions designed to support the long-term well-being of seafarers’ families. The partnership also includes complimentary coverage for select eligible SeaFam members through InLife’s digital insurance platform.

“At InLife, our purpose is to provide a Lifetime for Good by helping Filipinos build security for today and the years ahead. Through our partnership with SeaFam, we extend that commitment to a sector vital to the global workforce, ensuring that seafarers and their families have access to knowledge and protection they deserve,” said InLife President and CEO Raoul Antonio E. Littaua.

SeaFam Chairperson Arianne Rocha highlighted the importance of supporting families who remain onshore while their loved ones work at sea.

“Many Filipino families live in a cycle where each generation carries the weight of the next. When something unexpected happens, the emotional burden is often matched by financial uncertainty. At SeaFam, we believe empowerment begins with preparation: protecting not just income, but dignity, stability, and the family’s future. This partnership with InLife allows us to give families a better chance to prepare before life’s uncertainties happen,” said Rocha.

The partnership forms part of InLife@Work, InLife’s financial wellness program that brings education and protection closer to communities and workplaces.

“Through InLife@Work, we make financial wellness accessible and relevant to everyday Filipinos. By working with SeaFam, we are able to reach families where guidance is most needed and help them take meaningful steps toward financial security,” said InLife@Work Head and Chief Risk OfficerEfren C. Caringal Jr.

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Community

Thousands of Carlos Hilado Memorial State University students to benefit from BPI’s financial literacy programs

by Contributor
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The Bank of the Philippine Islands (BPI), through its social development arm, BPI Foundation (BPIF), has officially entered into a four-year partnership with Carlos Hilado Memorial State University (CHMSU) to provide financial education to thousands of students across its four campuses in Negros Occidental.

Through the agreement, BPIF will bring its flagship financial education programs to CHMSU, benefiting nearly 40,000 students over four years.

“We are excited to work together with Carlos Hilado Memorial State University on this initiative. BPIF, together with our partners, recognizes the essential role of financial literacy in achieving greater financial inclusion, which is why we continue to do our best to reach more communities,” said Carmina Marquez, BPIF Executive Director.

“We are optimistic that through this program, we can empower more individuals and households in underserved communities with financial knowledge and skills and promote responsible financial behavior for a more financially resilient future,” she added.

This long-term collaboration underscores BPIF’s mission to build financially resilient and empowered communities by working with academic institutions that play a vital role in shaping future generations.

(L-R): BPI Foundation’s Manolo Nava, Senior Program Manager, and Carmina Marquez, Executive Director, with Carlos Hilado Memorial State University’s Norberto Mangalubnan, University President, Marissa Quezon, Dean, College of Business Management and Accountancy, and Rhoderick Samonte, Director for Internationalization and External Relations.

The Memorandum of Agreement (MOA) signing was attended by key representatives from both institutions. Representing CHMSU were Dr. Norberto Mangulabnan, University President; Rhoderick Samonte, Director for Internationalization and External Relations; and Dr. Marissa Quezon, Dean of the College of Business Management and Accountancy. From BPIF, attendees included Carmina Marquez, Executive Director; Manolo Nava, Senior Program Manager for Financial Education and Arts Management; and Gladys Malapo, Program Manager for Financial Education.

To learn more about BPIF’s financial education programs, visit www.bpifoundation.org or follow BPI Foundation on Facebook (@BPIFoundation) and Instagram (@bpifoundationinc).

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