RCBC, CDA strengthening financial inclusion for cooperatives
The Cooperative Development Authority (CDA) and the Rizal Commercial Banking Corp. (RCBC) have signed a memorandum of agreement (MOA) to jointly promote the development and financial sustainability of cooperatives nationwide.
The agreement was signed by RCBC president and chief executive officer Reginald B. Cariaso, RCBC executive vice president Richard C. Lim, and CDA Chairperson Alexander B. Raquepo. Also present were CDA Administrator Emmanuel M. Santiaquel and Deputy Administrator Ray Ragel Elevazo.
Front: Mr. Salvador Valeroso (CDA Reg’l Director – Reg IV-A), Mr. Pedro Defensor Jr (CDA Reg’l Director – NCR EO), Ms. Marieta P. Hwang (CDA Reg’l Director – Reg III), Ms. Ma. Victoria P. Victoria (FVP, Head of Niche and Special Markets Dept., RCBC), Asec. Abdulsalam A. Guinomla (CDA Board Member), Atty. Elizabeth O. Batonan (Deputy Administrator for Registration, Supervision and Examination Service (RSES), CDA), Atty. Ma. Lourdes P. Pacao, Deputy Administrator Credit Surety Fund Service (CSFS), Mr. Ray R. Elevazo, Deputy Administrator for Institutional Development Service, CDA), Mr. Jeffrey B. Salazar (Program Manager, RCBC)
The CDA is an attached agency of the Department of Trade and Industry (DTI) responsible for the registration, regulation, and development of cooperatives in the Philippines. Based on its latest data, there are more than 20,000 registered cooperatives with combined total assets of P813 billion as of end 2024.
During the signing ceremonies, Cariaso said the accord will unleash the real potential and power of the cooperatives, while making big bank technology accessible to the smallest communities.
“Cooperatives are the bedrock of our local economy, providing livelihood and hope to millions of Filipinos. For cooperatives to be successful, it needs more than just passion. It needs proper support, and the right tools to achieve financial sustainability and improve resilience,” Cariaso said.
“We are opening the doors, democratizing financial education and access to new business opportunities as well as digital products and services,” Cariaso added.
The MOA is the formal foundation of RCBC’s Kabalikat Cooperative Program, an initiative designed to give cooperatives access to financial education, responsible banking services, and digital solutions that help them grow, serve their members better, and build long-term institutional strength.
It serves all types of cooperatives, with its current client base primarily composed of multi-purpose, credit and savings, institutional and employee, labor services, electric, and cooperative banks.
For his part, Raquepo committed that agency’s full support. “You have our full commitment, support, and active participation in upscaling the Kabalikat program—making it a program truly worthy of every Filipino who believes in the power of banking and cooperatives so that they can be formally part of financial inclusion,” he said.
Under the MOA, RCBC and CDA will collaborate across three key areas: Capacity Building and Financial Literacy, Information and Data exchange, and Joint Advocacy and promotion..
Currently the fifth largest privately owned bank in the country, RCBC remains committed to championing financial literacy and empowering communities through accessible and relevant banking solutions. Through RCBC’s Kabalikat Cooperative Program, which has been awarded as ‘Best Financial Inclusion 2025’ by the Global Retail Banking Innovations Award, the bank is able to support the growth of cooperatives, helping them build financial resilience and achieve long-term economic progress.
