Company Profile
Fifty four (54) years had passed, that was December 1965, a Christmas party was held at the municipal hall of Talisayan, Misamis Oriental and has been attended by both local officials and some guests from Manila. Being the oldest town in Misamis Oriental and founded during Spanish time, guest were discussing how to help in developing and improving the town after being visited by a calamities. One of the guest, named Col. Alejandro Go Beltran asked the Mayor on how he can help the people of Talisayan. The mayor quickly replied, “Why not established a Rural Bank”? At that time the Central Bank was promoting a banking system in every town to develop the countryside. By March 10, 1966 the Rural Bank of Talisayan was opened and promoted to the people particularly of the said locality.
The bank in which the vision and mission is to uplift the less privileged sector of the society and its financial empowerment to the people continued to serve from different walks of life and more focused on financing the coconut farmers and fisher folks. The bank survived from up and down of our economic condition brought during the dark days of our country’s history. When Martial law was declared year 1972 and followed by the collapsed of our economy many rural banks from nearby towns folded and shutting down. But RB Talisayan stood up and operated continuously since 1966 and being awarded as one of the best managed rural bank in the country by the Central Bank of the Philippines.
On 1997, one of the sons of the founder took the lead as a new President after the death of the founder Col Alejandro Go Beltran. New systems and approached were introduced to the management of the bank. It was the time when another financial crisis hit the Asian countries including the Philippines. While other banks even commercial bank stop extending loans, Rural Bank of Talisayan did not stop from releasing loans, which is badly needed by the farmers.
In 1999 a MABS programmed jointly sponsored by Philippine government and USAID with the RBAP as the project holder, introduced a micro finance program for those enterprising poor in the countryside mostly women. While RB Talisayan was established more than 30 years, lending to poor women without collateral were not accepted and considered as a high risk of the bank. Infact, some bankers from the old schools were considering poor people as unbankable. Rural banks were used to require hard collateral from the farmer-borrowers to qualify for the rediscounting privileged offered by Central Bank.
Since MABS program do not provide funds for relending to micro finance, the bank applied for a credit line worth P5 million with People’s Credit and Finance Corporation (PCFC) as a pilot program using the Grameen technology of group lending.
During the formulation of the loan product, one of the debated issues was who will pay the loan in case the borrower dies? Talisayan was devastated again by floods, results the collapsed of the bridge of barangay Sta. Ines, Talisayan Misamis Oriental. Luckily and amazingly no one was hurt on that incident. The people used to have their life insurance coverage from a private company collected weekly up to maximum of 5.00 per week but the company ceased to operate 10 years ago after the financial crisis in 1984.
An insurance company used to covered the regular loans of the bank was introduced in giving the bank extra income. However, as the loans become bigger clients start to complaint of the deductions and were demanding for hospital benefit coverage and also to include their family in the coverage. They preferred to pay the premium weekly together with their weekly amortization through their designated account officers. Since the collection of the contribution is through the account officers, the board feels that minimal expenses are very much possible to include the marketing of the product. Since the members themselves will own this, it is a way of empowering them and allowing the poor to chart their owned destiny.
After learning the success of CARD in one of the symposium on Micro Finance, (micro insurance is one of the basic services of microfinance) the President of RB Talisayan informed the board of the possibility of forming a Mutual Benefit Association (MBA), another mutually supporting organization to handle the micro insurance of the bank. A survey was conducted through the assistance of CARD and RIMANSI and it was confirmed that poor people are capable to manage their owned organization if given a chance under the guidance of the bank management and staff. The chairman of the AGB Foundation, another mutually supporting organization formed by the bank way back 2003 in order to catered microfinance clients in areas not covered by the bank, also supported the idea to include the AGB clients in the MBA membership.
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On November 25, 2005 during the regular board meeting of RB Talisayan, held at Grace Village, Quezon City a resolution no. 81 passed the following resolution: as it is hereby resolved to organize an MBA (Mutual Benefit Association) and to implement the operation by January 1, 2006 subject to the rules and regulations of the Micro Insurance Program under the SEC and Insurance Commission.
On January 2006, through the center chiefs from the lending groups of the bank the first election for the interim officers was conducted. It was agreed during the said meeting that the membership should be opened to all Rural Bank of Talisayan and AGB Foundation staff and clients of microfinance program. It was also agreed that the officers shall be mixed coming from the three groups in order to ensure fair representation and shared leadership of MBA. In case the President elected will be a microfinance borrower the vice president should be given to the employees of the bank or AGB Foundation. The Treasurer position must be from the officers of the RBT BANK. The standard committees required by Insurance commission and or SEC must be followed.
Securities and Exchange Commission (SEC) registration was approved on July 5, 2006. Insurance Commission approved the application and issues a license to Rural Bank of Talisayan-Mutual Benefit Association (RBT-MBA), Inc. on September 16, 2006 for the BASIC LIFE INSURANCE PLAN (BLIP) Product and on 2009 approved the 2nd product the CREDIT LIFE INSURANCE PLAN (CLIP). The association was named after it’s mother company RB TALISAYAN now RBT BANK, Inc. as gratitude for the full support.
MUTUAL BENEFIT ASSOCIATION is a non stock, non profit association, owned and managed by the members, providing microinsurance services to the Filipino Families.
Purposes of 4K-MBA:
It was during the 7th Annual General Assembly, that the members approved the change of name from RBT-MBA to Katilingbanong Kaangayan para sa Kasegurohan ug Kalambuan-Mutual Benefit Association (4K-MBA), Inc. On March 14, 2014 the Securities and Exchange Commission and the Insurance Commission approved the change of name.
Through the years 4K-MBA is still continuing to deliver quality social protection and insurance services to more than 16,000 members from the province of Misamis Oriental, Camigiuin, Bukidnon, Davao City, and Metro Manila area.
The bank in which the vision and mission is to uplift the less privileged sector of the society and its financial empowerment to the people continued to serve from different walks of life and more focused on financing the coconut farmers and fisher folks. The bank survived from up and down of our economic condition brought during the dark days of our country’s history. When Martial law was declared year 1972 and followed by the collapsed of our economy many rural banks from nearby towns folded and shutting down. But RB Talisayan stood up and operated continuously since 1966 and being awarded as one of the best managed rural bank in the country by the Central Bank of the Philippines.
On 1997, one of the sons of the founder took the lead as a new President after the death of the founder Col Alejandro Go Beltran. New systems and approached were introduced to the management of the bank. It was the time when another financial crisis hit the Asian countries including the Philippines. While other banks even commercial bank stop extending loans, Rural Bank of Talisayan did not stop from releasing loans, which is badly needed by the farmers.
In 1999 a MABS programmed jointly sponsored by Philippine government and USAID with the RBAP as the project holder, introduced a micro finance program for those enterprising poor in the countryside mostly women. While RB Talisayan was established more than 30 years, lending to poor women without collateral were not accepted and considered as a high risk of the bank. Infact, some bankers from the old schools were considering poor people as unbankable. Rural banks were used to require hard collateral from the farmer-borrowers to qualify for the rediscounting privileged offered by Central Bank.
Since MABS program do not provide funds for relending to micro finance, the bank applied for a credit line worth P5 million with People’s Credit and Finance Corporation (PCFC) as a pilot program using the Grameen technology of group lending.
During the formulation of the loan product, one of the debated issues was who will pay the loan in case the borrower dies? Talisayan was devastated again by floods, results the collapsed of the bridge of barangay Sta. Ines, Talisayan Misamis Oriental. Luckily and amazingly no one was hurt on that incident. The people used to have their life insurance coverage from a private company collected weekly up to maximum of 5.00 per week but the company ceased to operate 10 years ago after the financial crisis in 1984.
An insurance company used to covered the regular loans of the bank was introduced in giving the bank extra income. However, as the loans become bigger clients start to complaint of the deductions and were demanding for hospital benefit coverage and also to include their family in the coverage. They preferred to pay the premium weekly together with their weekly amortization through their designated account officers. Since the collection of the contribution is through the account officers, the board feels that minimal expenses are very much possible to include the marketing of the product. Since the members themselves will own this, it is a way of empowering them and allowing the poor to chart their owned destiny.
After learning the success of CARD in one of the symposium on Micro Finance, (micro insurance is one of the basic services of microfinance) the President of RB Talisayan informed the board of the possibility of forming a Mutual Benefit Association (MBA), another mutually supporting organization to handle the micro insurance of the bank. A survey was conducted through the assistance of CARD and RIMANSI and it was confirmed that poor people are capable to manage their owned organization if given a chance under the guidance of the bank management and staff. The chairman of the AGB Foundation, another mutually supporting organization formed by the bank way back 2003 in order to catered microfinance clients in areas not covered by the bank, also supported the idea to include the AGB clients in the MBA membership.
.
On November 25, 2005 during the regular board meeting of RB Talisayan, held at Grace Village, Quezon City a resolution no. 81 passed the following resolution: as it is hereby resolved to organize an MBA (Mutual Benefit Association) and to implement the operation by January 1, 2006 subject to the rules and regulations of the Micro Insurance Program under the SEC and Insurance Commission.
On January 2006, through the center chiefs from the lending groups of the bank the first election for the interim officers was conducted. It was agreed during the said meeting that the membership should be opened to all Rural Bank of Talisayan and AGB Foundation staff and clients of microfinance program. It was also agreed that the officers shall be mixed coming from the three groups in order to ensure fair representation and shared leadership of MBA. In case the President elected will be a microfinance borrower the vice president should be given to the employees of the bank or AGB Foundation. The Treasurer position must be from the officers of the RBT BANK. The standard committees required by Insurance commission and or SEC must be followed.
Securities and Exchange Commission (SEC) registration was approved on July 5, 2006. Insurance Commission approved the application and issues a license to Rural Bank of Talisayan-Mutual Benefit Association (RBT-MBA), Inc. on September 16, 2006 for the BASIC LIFE INSURANCE PLAN (BLIP) Product and on 2009 approved the 2nd product the CREDIT LIFE INSURANCE PLAN (CLIP). The association was named after it’s mother company RB TALISAYAN now RBT BANK, Inc. as gratitude for the full support.
MUTUAL BENEFIT ASSOCIATION is a non stock, non profit association, owned and managed by the members, providing microinsurance services to the Filipino Families.
Purposes of 4K-MBA:
- To promote the welfare of the marginalized sector of the society.
- To extend financial assistance to its members in the form of death benefits, medical allowance and loan redemption.
- To ensure continued access to benefits /resources by actively involving the members in the direct management of the association that will include implementation of policies and procedures geared towards sustainability and improved services.
It was during the 7th Annual General Assembly, that the members approved the change of name from RBT-MBA to Katilingbanong Kaangayan para sa Kasegurohan ug Kalambuan-Mutual Benefit Association (4K-MBA), Inc. On March 14, 2014 the Securities and Exchange Commission and the Insurance Commission approved the change of name.
Through the years 4K-MBA is still continuing to deliver quality social protection and insurance services to more than 16,000 members from the province of Misamis Oriental, Camigiuin, Bukidnon, Davao City, and Metro Manila area.