ABOUT US
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The COMMON WEALTH RURAL BANK, INC. was initially established and formally inaugurated as RURAL BANK OF BENITO SOLIVEN (ISABELA), INC. on December 14, 1992.
The putting up of the COMMON WEALTH RURAL BANK, INC. is credited mostly to the pioneering and enterprising spirit of its founders, the late Atty. Bagnos B. Tactay and the late Ambassador Oscar M. Cariño.
During its initial operations, it was indeed difficult to allure clients to bank with the institution as they used to deal with their own bank, notwithstanding the fact that the Bank offers the same products and services. The only difference with other banks is the quality of service that the Officers and Staff accord to its clients. That is why after only a few months of operations, its desire to serve the people who are residing in the remotest areas of Northeastern Isabela was realized through the dedicated efforts of the Banks Board of Directors, Officers and Staff.
Presently, the COMMON WEALTH RURAL BANK is now rendering efficient service to more than a thousand borrowers as well as equally enjoys the trust of numerous valued depositors.
The creation of branch offices actualized our commitment to extend service right into our client’s neighborhood. And to date, the COMMON WEALTH RURAL BANK has now eleven (11) branches in a row situated at Benito Soliven, Isabela; Maddela, Quirino; Roxas, Isabela; San Mateo, Isabela; Quezon, Isabela; Ballesteros, Cagayan; Diadi, Nueva Vizcaya; Iguig, Cagayan; Santiago City, Gonzaga, Cagayan and Santa Cruz, Occidental Mindoro.
Because of the Stockholder’s financial strength and operating performance, the expertise and service-orientedness have developed in their respective business, and their outstanding corporate reputations and not to mention its excellent and humane–oriented banking approach, the COMMON WEALTH RURAL BANK, has now earned the patronage and goodwill of clients who come from all towns of ISABELA, the provinces of QUIRINO, CAGAYAN, NUEVA VIZCAYA, IFUGAO and OCCIDENTAL MINDORO.
It is indeed a proof that the COMMON WEALTH RURAL BANK promote actively and participate in providing a wide range of banking services in the rural areas, including credit and resources mobilization and in supporting the government’s effort in accelerating private investment in the country side, thus, significantly contribute to the socio-economic growth and poverty alleviation in the countryside.
EPEKTIBO AT MATATAG BA BANGKONG RURAL NA SIYANG NAGSISIMULA SA PAGPAPAUNLAD NG KABUKIRAN.
SERBISYO NAMIN, KAUNLARAN NINYO!
We hire people who have successfully blended their hearts and minds. In this modern age when computers and other high-tech machines are fast replacing the functions of people, there seems to be an urgent need to hire men and women not only with high Intelligence but also with strong emotion responses to situations… people who can easily communicate their messages and feelings to clients and customers, people who have the ability to embrace great things and small who understand the human plight. People who can empathize with other people and are moved to do something to make the world a better place.
Our people make the difference; people who can speak the language of service. What better way to serve the people’s needs than by having the most capable and service oriented people in the industry? Indeed, there is a reason to be confident as the strength of the company lies in its people; people who are reputed for being service-oriented. We believe there are some things more important than money.
Our people have also an abiding faith in their capability to withstand the difficulties of the times. Our efforts for the past twenty-nine (29) years have sown positive changes in all aspects; that no amount of rain will wash away what we have so far achieved. We have made a lot of headway and the substance and majority have felt the gains.
Our policies are sound and are responsive to the needs of the requirements of those engaged in productive activities despite of regional difficulties at this time; there are vital signs that we are fast emerging and cannot be in influenced by the vicissitudes of time.
The Bank believes that having specialized knowledge about their clientele, markets and products has competitive advantage when this expertise serves the clientele at the source. The Management style continually brings the Bank closer to clients and it enables to be familiar with the people’s particular financial requirement. The result is a better, trusting relationship between the Bank and our clients.
One reason why we managed to maintain our smooth operations is because of the Bank’s practice in extending special assistance to borrows, thus we ensure repayment of loans, maintain and/or improve our collection rate and help borrowers increase their earnings capacity. The Bank also see to it that the viability of the project financed and credit worthiness of the borrower are given emphasis, and will explore the possibility of marketing tie-ups with established marketing outfits. The Bank also assists borrowers in analyzing which of the local traders would give them fair price for their produce. Marketing price of various commodities particularly in nearby urban centers are being monitored by the Bank from time to time so that middlemen will not be able to manipulate the price.
The Bank also make available to borrowers, information, such as amount, cost and source of material inputs of each project that is profitable to undertake. This information will give the farmers what alternative projects they will pursue in case their proposed/ chosen projects are not in the priority list. This will also guide the Bank In determining which project to finance.
The Bank likewise provides the necessary technical services for the normal operations of the borrowers’ projects. The technical assistance will either come from our staff or experts. For more serious problems, the Bank shall solicit the assistance of the Management of the Land Bank of the Philippines.
The Bank is conservative in the appraisal of collateral offered by prospective borrowers for purposes of arriving to the loan value to avoid the emergence of bad accounts which will only be prejudicial to the Bank but also to our record with Bangko Sentral ng Pilipinas and other lending institutions/agencies.
All salient details to have an accurate picture or assessment of the credit worthiness or lack of the borrower-applicant must be indicated and other information relevant to his/her application to enable the Management to have an accurate appraisal of his/her willingness and capacity to pay in order not to compromise the account.
In order to further safeguard the security position of the Bank in its lending activities, the Credit Committee is enjoined to scrutinize and evaluate the merits of the loan taking into account the value of the collateral/s, paying capacity and the willingness of the borrower, reputation and character.
A diligent effort to ascertain the validity of the title and other factors has been practiced and also verified in government agencies such as Register of Deeds, the Court where the property is situated, the Department of Environment and Natural Resources (DENR), the Department of Agrarian Reform (DAR) and other offices. Extreme care and diligence is always been taken to avoid bad debts, bad collaterals and fraudulent/fake or duplicated titles.
Likewise, the Management exercised due care in the examination of documentary requirements necessary for the validity of contract of loans and mortgages executed by clients with the Bank to protect the Bank from invalid contract of losses.
The following strategies adopted by the Bank had made us soar high and managed to say that while it is true that there is a high risk of lending especially at this point in time there is a regional crisis, our Bank see to it that the collection efficiency does not fall below ninety six (96%) percent. This made possible because:
- We maintain adequate personnel collection at all times.
- Persistent, persuasive and tactful collection approach shall be employed and legal action shall be used as a last resort.
- Strictly implement collection procedures.
- We device and implement a system of granting incentive to borrowers who pay on time.
- We conduct regular periodic meeting with the concerned Staff to identify and discuss problems affecting credit and collection and find ways and means on how to overcome the same.
- We design and adopt efficient information systems on credit and collections such as conducting regular analysis of past due accounts.
- Conduct a regular farm visit on the borrowers and projects financed to promote rapport with them.
With a workforce composed of people who are talented, professionals, trustworthy and skilled employees, we are able to help people achieve financial security. These knowledgeable and skilled people are able to explain the intricacies of banking thoroughly, helping the clients understand their advantages and benefits. Moreover, we are empowered to help individuals; families and professional appreciate the full value of our products and financial services. With our constant communication with our clients, our Bank is able to respond to clients’ growing and changing needs. We are committed to meet the people’s goals and aspirations, to service their particular needs, and to provide for the future of the public and the community we live in.
