First Country Bank

About The Bank
What kind of bank are you?
Are you registered with BSP and PDIC?
How old is your bank?
Where is your bank located?
How many branches do you have?
Why don't you have many branches?
Who are the people behind your bank?
Who are your partners?
What's your relationship with First Country Plans?
Who are your authorized agents?
Why should I place money in a new and small bank like yours?
Aren't rural banks riskier than other banks?
How safe is your bank? Will you be around in the next 10 or 20 years?

About Deposits
What is the minimum amount of deposit?
What are the requirements to open an account?
What do I get as evidence of my deposit?
How do I receive my interest?
Is our deposit PDIC covered?
Can I terminate or withdraw before the end of the term?
How can you afford to offer double your money?
How long have you been offering double your money deposits?
Do other banks offer double your money?
What other investments can double my money in 5 years?
I can earn as much as 4% a month in other investments. Why should I place money in your bank?

About Loans
Who can borrow from your bank?
What are the requirements to apply for a loan?
How do your rates compare with other lenders?
How much can I borrow?
How do I pay for my loan?

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First Country Rural Bank (Pasig City), Inc., better known as First Country Bank, is classified as a rural bank duly registered by the Bangko Sentral ng Pilipinas. We are also classified as one of the authorized banks with microfinance operations.

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Yes, First Country Bank is authorized by the Bangko Sentral ng Pilipinas (BSP) and is a member of the Philippine Deposit Insurance Commission (PDIC) as membership of all operating banks is mandatory.

We are likewise a member of good standing of the Rural Bank Association of the Philippines (RBAP) and the Federation of Metro Manila Rural Banks.

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First Country Bank is turning eight, having started in 1999. But First Country Financial Group, of which First Country Bank is part of, has been in existence since the 80's.

The history of the company goes back to the 70's with Philtrade Finance, a financing company, and Bankers Club, an assurance brokerage. In 1986, we bought a pre-need company now known as First Country Plans. The founders of First Country Bank are veteran bank executives and entrepreneurs with decades of experience in the banking industry.

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Our Head Office is located at:

Ground Floor, Mega Plaza Bldg., ADB Ave. corner Garnet Road,
Ortigas Centre, Pasig City

We also have a Microfinance Livelihood Center at:

First Country Bank Bldg., Mutya ng Pasig Commercial Complex,
San Agustin St. corner Caruncho Ave., Pasig City

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First Country Bank's head office is Ortigas Center and operates a microfinance center in Caruncho Ave. in Pasig City. We are also branching out with more lending offices in Marikina and Antipolo.

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We are not like other banks that require many branches, for a similar reason that Internet-only banks exist in progressive countries like the United States.

As a niche marketing-oriented bank, much of our lending business is done with our tie-ups with the Department of Education (DepEd) for teachers and the Land Bank of the Philippines (LBP) for pensioners.

Our microfinance operations also require going out to groups of borrowers as part of the Grameen Bank methodology. We apply the same approach for our corporate salary loan program.

In other words, it's a high-touch business that's all about going out to our target market. As loan payments are done via automatic salary or pension deduction, or via post-dated checks, we don't really need full-scale branches to collect loan payments.

What we are planning, however, is to add more banking or lending offices, as a base for our lending operations. Instead of putting up full-scale branches that accept deposits, banking offices can be easily put up with prior BSP approval, as cited by BSP Circular No. 505, Series of 2005, in "Subsec. X151.1 Prior Monetary Board approval."

"Banking offices other than “branch” as defined herein may be allowed anywhere, without prior BSP approval, subject to the submission of a certification by the head of the branches department with the rank of vice president or its equivalent or by a higher ranking officer that said banking office shall neither accept deposits nor service withdrawals. The certification shall be submitted to the appropriate supervising and examining department of the BSP not later than five (5) banking days from date of opening."

As for our depositors, our savings depositors are largely our microfinance borrowers who are required to save for the duration of their loan. Many of our other deposits are not payroll-types of deposits that quickly go in and out but rather are longer term in nature, locked in from one to six years, and therefore are not heavily transactional. Thus, there is no need to put up several branches.

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First Country Bank was founded Dr. Alejandro Wilfredo Clemente, the former Department of Education Undersecretary under the Ramos administration. He became an advisor for a group of entrepreneurs and former bank executives who called themselves the Bankers Club, which negotiated the purchase of a pre-need company, which became First Country Plans.

In 1995, Dr. Clemente and the members of the Bankers Club felt the need to establish a microfinance bank that can truly help the marginalized members of society. And in 1999, First Country Bank was formally opened.

Today, First Country Bank is managed by banking veterans with a long experience in banking operations, including commercial, savings, and rural banks, and is backed by a board of directors with backgrounds in management, business, and government service.

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Our funding partners include the National Livelihood Support Fund, People's Credit and Finance Corporation, Development Bank of the Philippines, and Land Bank of the Philippines. These institutions support rural banks and microfinance institutions by providing credit or rediscounting lines at lower-than-market rates.

We also work with commercial banks such as China Banking Corporation, Rizal Commercial Bank Corporation, and Asiatrust Bank in various capacities, such as our check clearing or depository bank.

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First Country Plans is also part of First Country Financial Group, which First Country Bank belongs to. Other companies bearing the First Country name are First Country Cooperative and First Country Forest Park Development.

However, we operate completely as a separate entity and conduct arms-length transactions. They are not authorized to market the deposit and loan products of First Country Bank. Any inquiries about these companies should be addressed to them directly.

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We only have one authorized agent for our DepEd Teachers Loan Program. We do not have other authorized sales agents for this loan program or for our other deposit and loan products.

Of course, full-time employees of First Country Bank, particularly marketing officers, loan officers, credit investigators, and loan appraisers are authorized to conduct banking transactions in behalf of First Country Bank.

But apart from our full-time employees and lone DepEd Teachers Loan Program authorized agent, we have not authorized anyone else.

Any person who purport to be a representative of First Country Bank must have a valid company ID and use official documents, such as checks of First Country Bank (not of other banks), official receipts of First Country Bank, etc.

Always verify the identity and authenticity of any person using First Country Bank by calling our head office first. Please report any suspicious persons immediately.

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First Country Bank started in 1999, but its history can be traced back to the 80's. So while the bank itself is entering its eighth year, some of the directors and all the officers have been in the financial industry for two decades.

As for size, we are a fast-growing bank, already in the top quarter in terms of asset size out of the 700 plus rural banks nationwide.

However, keep in mind that age and size are not always an indication of financial strength and capability. Just think of the large companies with a long-history that have collapsed over the years. It's the same thing with financial institutions like banks, pre-need companies, insurance companies, etc. Large banks have gotten into trouble with over-exposure in real estate during the late 90's. Major pre-need companies have been in dire straits in recent times.

Yes, there are advantages to a long history and sizeable assets, but they are not guarantees of stability. In the same manner, there are advantages to being relatively young and small. Companies like ours are more nimble and flexible. And for a bank like ours, finding profitable niches is the name of the game.

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It's not the type of bank that makes it risky, but how it's managed. Of course, small and remote rural banks with a limited market or inefficient operations are more likely to have problems. But savings and commercial banks have experienced financial difficulties, even closures. On the other hand, there are rural banks that are even bigger and stronger than some savings banks.

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First Country Bank takes a conservative approach to lending.

Instead of lending to high-risk real estate loans and other similar loans that burned many commercial and savings banks, we lend to niche markets where we can apply several safeguards such as automatic deduction, assignment of monthly pension, loan guarantee, group liability, co-maker arrangements, and the like.

Our loan portfolio is diversified into microfinance loans, loans repaid using automatic deduction, and secured loans. Our microfinance program adopts the proven group lending and liability approach of the famous Grameen Bank, ensuring high collection rates among micro-entrepreneurs.

We have loan programs that use safeguards such as automatic deductions and loan guarantees that ensure collection. For instance, we lend to public school teachers through the automatic salary deduction program of the Department of Education, ensuring practically 100% collection. And we lend to war veterans and pensioners through automatic pension deduction and assignment of pension.

We are conservative in appraising collateral like real estate properties, with lower appraised values and loanable amounts of just 50% of the appraised value.

Our directors and officers have decades of combined experience in the banking industry. We are confident in the long-term viability and success of the bank. So you can be sure your money is safe with us.

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Check out our requirements for minimum deposit and maintaining balance at our Deposits page.

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For individuals:

1. any two valid IDs with picture
2. filled out signature cards

For businesses:

1. DTI or SEC registration
2. Board resolution and secretary's certificate (for corporations)
3. filled out signature cards

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Our regular savings and special savings accounts (Katuparan, Fiesta, Prime Savings, and Pensionado) are evidenced by a passbook. For our checking account, you will receive a checkbook.

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We will credit your interest to your savings or special savings account. For Pensionado, as is customary with other banks, we will credit your monthly interest to either a regular savings or checking account you will be required to open at First Country Bank. You may withdraw your monthly interest when credited through over-the-counter withdrawal or by writing a check equivalent to your interest.

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Yes, deposits -- including savings, special savings, checking, and time deposits -- are all covered by PDIC up to P250,000 per depositor.

Your deposit is insured only up to P250,000, regardless of how many accounts you have under your name.

However, accounts you open in trust for (ITF) another person, like your child, is still insured, since legally, you serve merely as the agent. So you can open accounts of up to P250,000 in trust for your children, and all will be insured by PDIC.

Joint accounts you open is insured up to your share of the accounts. Each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. In other words, you can indicate that your share is only P50,000 out of a P250,000 account, and you can technically open 5 other joint accounts (with different individuals) with a P50,000 share in each, and you will still be covered by PDIC.

To know more about computation of insured deposits, please visit the PDIC's section on illustrative cases.

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There's an early closure penalty for regular savings and checking accounts and a penalty for dormant accounts.

For special savings accounts, if you pre-terminate before maturity, you will only earn an interest rate equivalent to a regular savings account.

For long-term deposits, applicable rates based on a tiered schedule will apply. See table below:

Pensionado
3% for 1.5 years below
5% for 1.5 to less than 3 years
10% for 3to less than 4.5 years
15% for 4.5 years to less than 6 years

Instead of withdrawing your account, you may borrow against your deposit at 25% per annum.

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Doubling your money in 5 or 6 years is reasonable, given the less than 15% average compounding rate required to do so. But if someone promises to double your money in one and a half years, which is what 4% a month or 48% a year does, it's obviously a scam. That's probably a pyramid or Ponzi scheme.

Banks like ours are authorized and regulated by the Bangko Sentral ng Pilipinas. Bank deposits are also insured by the Philippine Deposit Insurance Commission up to P250,000 per depositor. You may not earn as much as 48% a year, 30% a year, etc., but at least your principal is secure. And with us, you can earn decent returns on your deposit.

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We brand our loan products "Bagong Bayani" because we want to lend to our country's modern day heroes. Currently, our target borrowers are as follows:

1. Micro-entrepreneurs
2. Public school teachers
3. PVAO pensioners
4. Seafarers
5. Employees
6. Entrepreneurs
7. Professionals

We do not yet offer housing and car loans. We specialize in short-term loans for livelihood purposes and personal loans for specific market segments.

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Basic Requirements

Proof of identification
- To verify full name, age, face, and signature

• Recent 2 x 2 picture with signature at the back
• 2 valid IDs with picture and signature (company ID, passport, driver’s license, professional ID, TIN ID, SSS ID, etc.)

Proof of residence
- To verify permanency of address

• Any billing statement (telephone, cell phone, Meralco, water, etc.)

Proof of income
- To verify capacity to pay

• For teachers: Pay slips for the last 2 months
• For salaried employees: Pay slips for the last 2 months
• For pensioners: Withdrawal slips or returned checks for the last 2 months
• For seafarers: Allotment slips for the last 2 months
• For microfinance: Cash flow analysis
• For businesses or self-employed:

• Audited financial statements for the last 2 years
• Income tax returns for the last 2 years
• Bank statements for the last 3 months

Proof of loan repayment
- To verify credit worthiness and capacity to pay

• Bank statements or post-dated checks for the last 6 months showing payment of any current loan (auto loan, housing loan, personal loan, credit card)

* Note: Borrower must submit one (1) photocopy of each document (unless indicated that the original document must be submitted) and present the original for verification

Additional Requirements

DepEd Teacher

• Appointment paper or service record

Microfinance

• Barangay clearance

Seaman

• Passport
• Seaman’s book
• Seafarer Registration Certification (SRC)
• Latest Contract of Deployment

Corporate Employee

• FCB accreditation of employer
• Certificate of Employment (original)

PVAO Pensioner

• PVAO ID
• PVAO Certification

Business/Self-Employed
Mayor’s permit or barangay permit
DTI for single proprietorship or SEC registration for corporation
Board resolution to borrow for corporation

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Our interest rates are competitive and definitely much, much lower than those offered by financing and lending companies and especially loan sharks. Our other fees are also reasonable. For monthly rates, check out our Loans section.

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It depends on your loan purpose, the type of loan product you want to avail of, and your creditworthiness. We offer loans as little as P5,000 to P1 million or more. Check out our Loans section for more details.

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Repayments for the following loans are done via automatic deduction:

• Teachers Loans - through DepEd Automatic Salary Deduction Program
• Pensioner Loans - through pension assignment to FCB and automatic pension deduction
• Corporate Salary Loans - through automatic salary deduction by your employer

For microfinance loans, repayments are done through weekly personal collections by our loan officers.

Repayments for the following loans are done via post-dated checks:

• Seaman Loans
• REM/CHM Loans

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