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PR Savings Bank Raises PHP 2.0 Billion for Lending to Countryside

Philippine Resources Savings Banking Corporation or PR Savings Bank, one of the largest independent thrift banks in the country, successfully raised Php2.0 billion through privately placed 5-year fixed-rate corporate notes. The funds will be used primarily to expand the bank's lending operations in high-growth rural communities. This is the third corporate notes offering by PR Savings Bank following the issuances amounting to Php1.05 billion in 2011 and Php1.3 billion in 2013.

The corporate notes facility was participated in by Philippine Veterans Bank (PVB), BDO Leasing and Finance, Philippine Bank of Communications (PBCOM) and United Coconut Planters Bank (UCPB). Investment & Capital Corporation of the Philippines (ICCP) acted as the issue manager and arranger for the transaction which formally closed in August 2015.

During the closing ceremony held at the New World Makati Hotel, PR Savings Bank's founder, President & Chief Executive Officer, Mr. Roberto Alingog, thanked the institutions that contributed to this success while highlighting the economic impact of this transaction – "I am grateful for the support that PR Savings Bank has been receiving from larger local financial institutions. My sincerest thanks to all of you for seeing the value in our mission to boost countryside development by providing credit to our farmers and micro entrepreneurs. Considering the retail nature of our market, this Php2.0 billion can reach and help more than 25,000 borrowers." Being a self-made businessman himself, Mr. Alingog is a strong advocate of providing financial assistance to aspiring entrepreneurs in the underserved markets.

ICCP President & Chief Operating Officer, Mr. Conrado Gloria, Jr., congratulated the syndicate of Note Holders for being part of this milestone for PR Savings Bank, which also favorably impacts the country's rural economies. "Supporting an institution like PR Savings Bank is particularly timely amidst a strong move from various sectors to promote inclusive growth. This transaction can help transform the rural landscape and mark the beginning of an era when our countryside folks enjoy ease of access to more formal banking services," he said.

Top-left to bottom-right: Annabelle Y. Yong, SVP – Consumer Lending (PVB), William M. Valtos, Jr., CEO (ICCP), Conrado A. Gloria, Jr., President & COO (ICCP), Roberto P. Alingog, President & CEO (PR Savings Bank), Jason S. Galang, CFO (PR Savings Bank), Nonilo C. Cruz, President & COO (PVB), Jesus Vicente O. Garcia, EVP – Business Banking Group (PVB), Susan Marie J. Atienza, FVP (BDO Trust & Investments Group), Agerico S. Verzola, FVP (BDO Leasing and Finance), Roberto E. Lapid, Vice Chairman & President (BDO Leasing and Finance), Patricia May T. Siy, President & CEO (PBCOM), Carmen G. Huang, Executive Director (PBCOM), Ramon L. Fernandez, Jr., VP – Corporate and Commercial Banking (UCPB), and Rosie R. Palaran, AVP (BDO Trust & Investments Group).

PR Savings Bank was founded in 1977 with the goal of stimulating rural economic activity by providing credit and other financial products tailored to the needs of farmers and micro entrepreneurs in the rural areas. The bank's major loan programs include salary loans for DepEd public school teachers, agricultural machinery and production loans, and livelihood motorcycle loans. "We are proud that through our lending programs, we are able to help improve the quality of life in the provinces. For example, the Rice Combine Harvesters that we finance have changed the standards of farming in agricultural communities as these machines diminish harvesting losses resulting in a higher net yield and better income for the farmer," Mr. Alingog added.

Recognizing the bank's role in rural economic growth, International Finance Corporation (IFC), the private sector investment arm of the World Bank Group invested Php650 million in redeemable preferred shares of the bank in March 2014. IFC is a strong proponent of rural growth through the financial markets.

PR Savings Bank is part of the Ropali Group of Companies, which celebrated its 40th anniversary in May 2015. The Ropali Group has grown into a mid-sized conglomerate with strong focus on the rural agricultural value chain, under the visionary leadership of Mr. Roberto Alingog. The group is one of the leading players in the Philippine motorcycle and agri-machinery trade.



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