Rizal Commercial Banking Corp. (RCBC) said Tuesday its board approved the increase in the size of its medium term note program to $4 billion from $3 billion and its return to the international debt market.
RCBC said in a disclosure to the stock exchange it appointed SMBC Nikko as the program arranger.
“This expansion will allow RCBC to issue foreign currency-denominated senior notes, depending on market conditions,” the bank said.
RCBC, the banking unit of the Yuchengco Group., raised $400 million in January from the sale of debt papers. The five-year senior unsecured sustainability notes were offered with a coupon rate of 5.5 percent per annum.
RCBC is also expanding its remittance business to better serve Filipino workers in the Asia Pacific, Europe and North America. It is boosting its remittance services for Filipino workers abroad.
The bank’s remittance service, RCBC Telemoney, offers secure fund transfers to the Philippines.
RCBC teamed up with Japan’s Digital Wallet Corp. to enhance its remittance offerings. The partnership aims to streamline cross-border digital transactions between the Philippines and Japan.
RCBC also tied up with Fastpay Global Payments in Taiwan, allowing OFWs to send money directly to their RCBC Telemoney Savings Accounts. The initiative is part of a broader strategy to capture the growing remittance market in Taiwan.
The Bangko Sentral ng Pilipinas (BSP) reported consistent growth in cash remittances. Cash remittances through banks reached $2.58 billion in May, a 3.6-percent year-over-year increase.
RCBC said that as part of its ongoing expansion, it would continue to offer competitive rates and 24/7 customer service. The bank also implemented a fully-digital onboarding system available in 35 countries, making it easier for overseas Filipinos to open accounts.
RCBC’s dedicated Telemoney customer service team aims to provide specialized support for OFWs, enhancing its remittance services. By prioritizing partnerships with digital-first remittance companies, RCBC seeks to make transactions faster and more integrated into the lives of OFWs abroad.
