First Country Bank (www.firstcountryfinancial.com/fcbank/index.htm), banking arm of First Country Financial Group, is a microfinance bank that focuses on promoting micro-entrepreneurs and helping marginalized members of society. Former DECS Undersecretary Dr. Alejandro Wilfredo Clemente and members of the Bankers' Club (retired top bank executives from BSP, LBP, Citibank, DBP, and other thrift and rural banks) founded the bank in 1995.
First Country Bank received the "Most Outstanding Microfinance Bank" award from the Consumers' League of the Philippines Foundation in 2004 and the "Big Leap Forward" award from the People's Credit and Finance Corporation in 2005.
The bank provides Microfinance Livelihood Loans to members of:
- More than 700,000 public school teachers nationwide thru the Department of Education Automatic Salary Deduction Program;
- More than 280,000 military pensioners thru assignments of their monthly pensions of the bank is an accredited depository;
- A large number of OFWs and their dependents thru credit redemption and collateral guarantee insurance with the assistance of the Overseas Workers Welfare Administration; and
- Housewives of employed and under-employed, thru the methodology of the Grameen Bank of Bangladesh.
First Country Bank is a member of the Philippine Deposit Insurance Corporation (PDIC).
Regular Savings Account
A regular savings account earning 3% interest p.a. Minimum needed to open an account is P500 while maintaining balance to earn interest is P1,000.
SURE ATM Savings Account
A savings account that offers an ATM card, the First Country Bank SURE Card. Offered in partnership with Asiatrust Bank.
SURE Current Account
A checking account with a 3% interest on the balance. Earns 8% interest if minimum of P100,000 is maintained.
Fiesta Savings Account
A one- or two-year special savings account that earns interest, and depending on the deposit amount, a cell phone, or any other item of your choice, is provided by the bank for free.
Katuparan Savings Account
A choice of 30, 60 , 90, and 180 day special savings account with higher interest rates.
Bankers Club Prime Savings Account
A one-year special savings deposit that offers higher interest rates and credits interest every month.
Bankers Club 5-Years Double Your Money
A P100,000-minimum double your money in 5 years time deposit account. More info in the First Country Bank’s 5-Years Double Your Money Time Deposit article.
Bankers Club Pensionado Plan
A long term savings account equivalent to “Double Your Money in 6 Years.” Tax-free interest income is credited monthly to the depositor's savings account.
Bankers Club Fund
A form of loan syndication designed for rural banks and cooperatives that yields high returns with relatively low risk. Minimum investment is P250,000 for each entity at a rate of 15% per annum, plus a special premium at the end of every year depending on the net total profit margin that the bank earns through the project. Holding period is five years, equivalent to the "double your money in 5 years, tax-free" product.
Bank Contact Details
Ground Floor, Mega Plaza Bldg.,
ADB Avenue corner Garnet Road,
Ortigas Centre, Pasig City.
Tel. Nos. : 687-5655 / 687-7155 / 687-7381
Fax : 687-3199
[tags]First Country Bank, First Country Financial Group, PDIC, Philippines, bank, Double Your Money[/tags]