Planbank, the largest rural bank in Laguna with two branches in Bulacan province, expands its microlending program in Southern Tagalog region as it launches its 15th branch in Batangas City today, March 31.
Planbank Batangas City is at the Grand Transport Terminal complex on Diversion Road, Barangay Alangilan, Batangas City.
The property is owned and being developed by Batangas Ventures Management & Development Corp.
Rufina S. Cabangon Chua, president, and D. Michaela S. Cabangon Chua, vice president for Corporate Support Services of Planbank, will welcome guests, led by Batangas Fifth District Rep. Mario Vittorio A. Mariño and Batangas City Vice Mayor Jun Berberabe, other local officials, business and community leaders.
Edgard A. Cabangon, chairman of the ALC Group and president and CEO of Isuzu Gencars automotive dealership, a sister company of Planbank under the ALC Group of Cos. leads top executives from other sister companies who will attend the event.
The ALC Group is named after the initials of Ambassador Antonio L. Cabangon Chua, its founder.
Isuzu Gencars already has its Batangas City branch near the new Planbank branch at the Grand Terminal property. It was opened in August last year.
The event, which begins at 10 a.m., will be highlighted by a thanksgiving Mass to be celebrated by Msgr. Alfredo Madlangbayan of the Taal Parish at 11 a.m., after opening ceremonies at 10 a.m.
Planbank currently has 11 branches in Laguna, one in Santo Tomas town, Batangas province, and two branches in Bulacan, for a total of 15 with the opening of Batangas City branch.
Planbank specializes in serving farmers, small businessmen, market vendors and other community entrepreneurs. Its loan products include real-estate mortgage, salary loan, back-to-back loan, microfinance loan, SSS pension and auto loan. It also has a unique offering of the low-interest jewelry loan where customers can get loans in exchange for jewelry pieces as collateral.
Formerly known as the Rural Bank of Canlubang Planters Inc., Planbank was a family-owned bank incorporated in 1952 by sugar planters who were members of the Banco Rural de CA-BA-LAG, a cooperative operating and serving the needs of sugar planters from the provinces of Cavite, Batangas and Laguna. Over more than 60 years, it grew to be the biggest rural bank in Laguna province, with two branches in Bulacan.
The bank was acquired in October 2013 by the ALC Group, which opened Planbank Santo Tomas branch in Batangas province on June 27, 2014, as the first under its leadership.
Among the member-companies of the ALC Group of Cos. are Fortune Insurance Group, Eternal Group, publicly listed Citystate Savings Bank, other financial services companies and the Aliw Media Group that includes CNN Philippines, the BusinessMirror, Pilipino Mirror, Philippines Graphic, Aliw Broadcasting Corp. and other media entities.