MFI Report

The Rural Bank of Balasan (RBB) was established on March 8, 1975 to support the financial needs of the agricultural sector, particularly the sugar industry, in northern Iloilo. When the international market for sugar collapsed in the 1980s, the bank was severely affected. On March 21, 1994, a new group of young entrepreneurs led by Elsa A. Kapunan, Col. Red Kapunan Jr., Atty. Vic Sumulong and the late Col. Ceferino Sarmenta sought to revitalize the rural bank, and was issued an authority to take over by the Bangko Sentral ng Pilipinas. The rural bank became independent of the sugar industry as the new bank management adapted to changing conditions. The RBB was re-registered with the Securities and Exchange Commission (SEC) on October 1998. The SEC approved an increase in capitalization from 2 million pesos to 11 million pesos. The RBB was renamed Progressive Bank, Inc. (PBI) on August 4, 2003 with SEC approval. On October 15, 2005 PBI established a microfinance-oriented Loan Collection and Disbursement Point (LCDP) in Pototan, Iloilo after the BSP approved its application on July 06, 2005. A new branch in Iloilo City was approved by the BSP and will open on January 2008. The main challenges for PBI in the next five years are: to reach out to 65,000 clients, ensure financial sustainability, delight customers with quality products and services, and make PBI a happy and rewarding place to work in. Hide