Producers Bank is proud to announce the recent approvals it got from the Bangko Sentral ng Pilipinas (BSP) namely: (i) the direct participation in the clearing operations of the Philippine Clearing House Corporation (PCHC) and the BSP as well as Producers Bank’s application for overnight clearing line and (ii) the opening of additional five (5) new branches for the year 2010.
In the BSP – Monetary Board Resolution No. 698 dated 20 May 2010, Mr. Edgardo C. Hernandez, Officer-in-Charge of the Central Point of Contact Department II said that Producers Bank was granted authority to participate in the clearing operations of PCHC and BSP, provided that the Bank strictly conform with the check clearing guidelines of the Manual of Regulations for Banks.
In addition, BSP also approved the Bank’s application for overnight clearing line with the Department of Loans and Credit, collateralized by government securities with face value of PhP110.0 Million and loan value of PhP87.396 Million.
Meanwhile, in a BSP letter dated 08 June 2010, Mr. Manuel C. Seguerra, Acting Deputy Director/Head of Central Applications and Licensing Group said that the request of Producers Bank to establish five (5) new branches namely: (i) Dagupan City, (ii) Malasiqui, (iii) Manaoag, (iv) San Carlos City (all in Pangasinan province) and (v) Maddela (in Quirino province) was approved.
The said approval will bring the total number of branches of Producers Bank to sixty (60) which further fortified its standing as the largest rural bank in Luzon in terms of branch network.
Furthermore, in relation with the conversion of Producers Bank’s license from a rural bank to a savings bank, the BSP also approved the Amendments to the Articles of Incorporation (AOI) and By Laws (BL) of Producers Bank on 09 June 2010. BSP provided the Bank with a Certificate of Authority stamped with the BSP seal, to enable the Bank to register the same with the Securities and Exchange Commission (SEC).
With the above recent approvals in the banking capabilities and geographical reach, Producers Bank will be moving inexorably closer to its goal of becoming one of the most admired and most preferred development finance institutions in the Philippine countryside and in the process help people create more wealth.