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UCPB Savings Bank inaugurates its first branch-lite unit

UCPB Savings Bank inaugurates its first branch-lite unit

UCPB Savings Bank (USB) inaugurated its branch-lite unit in Ilagan City, Isabela. This is the first of 14 USB lending offices that will be converted to a deposit servicing branch, aside from its current loan generating operations. The inauguration was held during Isabela’s celebration of the Bambanti Festival on January 18, 2019.

The branch-lite unit operates like a small branch which accepts basic bank transactions such as deposits, withdrawals, loan applications, and offers limited products and services. This is in line with the Bangko Sentral ng Pilipinas (BSP) Circular No. 987 which allows banks to establish branch-lite units through affordable licensing fees than an actual branch. Through branch-lite units, BSP aims to promote greater access to efficient and competitive banking services through the adoption of regulatory framework that provides banks with flexibility to execute their strategies and enables them to innovate in line with their business model.

“By converting our strategically located lending offices to branch-lite units, the rural communities we serve will be provided with more basic banking services. Instead of being limited to just serving their credit needs, we can now also service their deposit requirements. We are pursuing this strategy in line with our vision of being a ‘catalyst for financial inclusion’. This gives us the opportunity to provide our target market with the products and services they need, and growing our deposit and loan base at the same time,” UCPB Savings Bank President Lizette Margaret Mary J. Racela said.

The Eucharistic celebration and blessing was officiated by Rev. Fr. Amadeo Vinasoy followed by the ribbon cutting led by Ilagan City Councilors Dra. Lilian Bringas, Jun Montereal and Sammy Maddara together with Vice President and Branch Banking Division Head Wilfred Abobo.

UCPB Savings Ilagan branch-lite unit is located at G/F Hipolito Building, Calamagui 2nd, City of Ilagan, Isabela. The second branch-lite unit in Palo, Leyte will be inaugurated in May 2019.

UCPB Savings Bank is a UCPB subsidiary established in 1962. To date, the Bank has 49 branches, 13 lending offices and one branch-lite unit nationwide.

Date published: May 28, 2019

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BSP’s Warning Against the Improper Handling of Philippine Currency

The Bangko Sentral ng Pilipinas (BSP) warns the public that the willful defacement, mutilation, tearing, burning or destruction of Philippine banknotes and coins are punishable by a fine of not more than PHP20,000.00 and/or imprisonment of not more than five years, under Presidential Decree No. 247. It also states that Philippine “banknotes and coins are issued for circulation as medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency.”

The following are among the prohibited acts of defacement and/or mutilation of Philippine currency:

writing or putting marks on banknotes;
willful tearing, burning, or destruction, in any manner, of Philippine currency;
willful and excessive folding or crumpling that results in a breakdown of the structure and limpness of the banknote;
willfully causing multiple random folds across the entire banknote that toughly affect its visual appearance; and
willfully exposing banknotes or coins to chemicals or other materials resulting in the acceleration of the defacement, destruction, or natural wear and tear of the note or coin.

The public is also discouraged to staple banknotes and/or use adhesives to put on banknotes and coins as these will compromise their structural integrity.

The BSP encourages the public to report any information on improper handling of Philippine currency to the nearest police station or law enforcement agency, for appropriate action, or contact the Currency Management Sector for assistance at Tel. Nos. 988-4833 and 926-5092.

http://www.bsp.gov.ph/publications/media.asp?id=4943&yr=2019

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