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FICOBank Helps Other Banks Comply with the Regulatory Requirements of the Agri-Agra Law

After the Bangko Sentral ng Pilipinas (BSP) stamped its approval to its application as an Accredited Rural Financial Institution (ARFI) in late 2018, FICOBank is now in the start-up phase of catering to the Agri-Agra Law’s compliance requirements of the other banks under its ARFI-based financial service.

The Agri-Agra Law requires banks to set aside 25 percent of their total loanable funds as credit quota for the agriculture and fisheries sector. This 25-percent allocation is broken down into 10 percent for the agrarian reform beneficiaries and 15 percent for the farmers and fishers.

Other banks are having a hard time in complying with the required lending quota to the aforesaid segments of the market. As one of the accredited financial institutions, FICOBank is allowed by the BSP to provide ARFI-based financial service to other banks that are not yet fully compliant with the regulatory requirements of the Agri-Agra Law. As such, in May and June of this year, a thrift bank and a rural bank have purchased a part of the more-or-less Php1-billion excess compliance of FICOBank via a deposit placement in its branches in Solano (Nueva Vizcaya) and Baliwag (Bulacan), respectively.

As of date, FICOBank has still huge excess agri-agra loan in its portfolio, which can be purchased for compliance by any quota-deficient bank. As a bank with a HEART, FICOBank intends to continue helping other banks in complying with the regulatory requirements of the Agri-Agra Reform Credit Act of 2009 (Republic Act No. 10000).

 

 

 

 

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