Company type | Private rural bank and microfinancial institution |
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Industry | Microfinance, Banking & Finance |
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Parent | Perlas Group (LifeBank Group) |
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LifeBank is a rural bank based in Iloilo, Philippines. It started operations on March 21, 1970 in Maasin, Iloilo as Rural Bank of Maasin. It is divided into two corporate arms each with its own designated finance and banking services functions: the LifeBank RB (LifeBank - A Rural Bank) and LifeBank MFI (LifeBank Microfinance Foundation Inc.). As of 2021, it has a total of 4 branches and 44 branch-lite units (BLU) under LifeBank - a Rural Bank in Western Visayas[4][5] and 536 branches all over the Philippines under LifeBank MFI (Microfinance Foundation Inc.), an NGO microfinance arm of LifeBank.
Though LifeBank MFI and LifeBank RB are both participating members of National Microfinance Council, only the LifeBank RB is the sole member of Philippine Deposit Insurance Corporation (PDIC) as bank licensed and supervised under the Bangko Sentral ng Pilipinas (BSP)[6][7]
For the LifeBank RB, it offers (i) deposit products such as regular Philippine peso and kids passbook savings accounts and foreign currency deposit unit (FCDU) account; loan products like business loan, microfinance program loan (Ikabuhi Microfinance Program), mortgage loan, agri/crop loan, auto loan, salary loan, and Teacher's Salary loan; and money transfer service via Western Union. LifeBank MFI on the other hand, offers savings and loan products like Ikabuhi Microfinance Program (IMP), house repair loan, salary loan (exclusive for its employees), education loan, and housing sanitation loan for poor people. LifeBank envisions itself to be the number one rural-savings bank and microfinancial institution in the Philippines.
LifeBank MFI (LBMF) as a non-governmental organization (NGO) and non-profit microfinance company arm of LifeBank, is the third largest microfinance institution in the Philippines.[8] Except for products that it offers for its 300,000+ clients across the Philippines, it played a role in providing social responsible and sustainable programs with significant high societal impact vital in nation building for the benefit of people in the marginalized sector.[9][10][11][12]