BondsPress Release

CitySavings, DAR sign Government Employee Loan Agreement

City Savings Bank (CitySavings), the thrift bank subsidiary of Union Bank of the Philippines (UnionBank), and a proud member of the Aboitiz Group, signed a Memorandum of Agreement with the Department of Agrarian Reform (DAR), which will enable CitySavings to offer a salary loan facility to DAR employees nationwide. This was held at the same time a Memorandum of Understanding (MOU) was signed also between DAR and Pilmico, another Aboitiz company, last October 14, 2022, at the Aboitiz office in Taguig City.

Secretary Estrella expressed appreciation for DAR’s continuing partnership with the Aboitiz Group. “I am glad that it is the mission of the company, together with CitySavings, to give these farmers and Agrarian Reform beneficiaries the chance to really improve their lives via livelihood and financial inclusion projects,” Sec. Estrella said.

“With this MOA signing today with the Department of Agrarian Reform, City Savings Bank will be able to extend easily accessible, value-adding loan services to all your employees across the country. We will be deploying our Loan Rangers so that your employees do not need to go to our physical branches,” added CitySavings President and CEO Lorenzo T. Ocampo.

This, Ocampo explained, supports the Bank’s thrust in creating an innovative and seamless banking experience for its customers.

“Thank you for the opportunity for DAR to have access to other types of loans. And we promise we’ll pay off these loans,” Sec. Estrella replied in jest.

Apart from the salary loan facility, CitySavings will also conduct Project Per@parasyon, its practical wealth management program, for DAR employees. This is part of CitySavings’ corporate social responsibility initiatives as it advocates financial literacy.

“Simple is Good” – the CitySavings tagline – captures its offering of straightforward banking services, as well as a wide range of mass market financial products to further promote financial inclusion. CitySavings is forging ahead to become the leading digital mass market bank in the Philippines.

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