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FICOBank Gets Certification from BSP as an Accredited Rural Financial Institution

The Bangko Sentral ng Pilipinas (BSP), on 19 November 2018, issued the Certificate of Accreditation of FICOBank, numbered ARN 20181119-BSP-0017, as an Accredited Rural Financial Institution (ARFI). FICOBank successfully got its RFI accreditation after having satisfied the criteria set under the Agri-Agra Reform Credit Act of 2009 (Republic Act No. 10000) and the qualification requirements prescribed by the corresponding rules and regulations of the BSP (Circular No. 736, as amended).

The Agri-Agra Law requires banks to set aside twenty-five percent (25%) of their total loanable funds as credit quota for the agriculture and fisheries sector. This 25-percent allocation is broken down into ten percent (10%) for the agrarian reform beneficiaries and fifteen percent (15%) for the farmers and fishers. The BSP’s Financial Supervisory Sector, through its Supervisory Data Center, attested that the loan portfolio of FICOBank for the last four (4) quarters prior to application has complied with the requirements of the said Law, together with its implementing rules and regulations.

As an accredited RFI, FICOBank may now grant a syndicated type of loan for agrarian reform and agricultural credit to other banks that are not yet fully compliant with the regulatory requirements of the Agri-Agra Law. The excess compliance of FICOBank can be purchased for compliance by any deficient bank.

 

 

 

 

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