The Philippine Deposit Insurance Corporation (PDIC), the Bangko Sentral ng Pilipinas (BSP) and the Land Bank of the Philippines (LBP) approved the extension, with amendments, of the Strengthening Program for Cooperative Banks. The program, as amended, is termed as Strengthening Program for Cooperative Banks Plus or “SPCB Plus”.

The SPCB Plus includes in the program’s definition of Eligible Strategic Third Party Investors (STPIs), not only cooperative banks (CBs), but also (i) rural banks and thrift banks, whether majority owned or not by cooperatives, primary cooperatives and/or federation of cooperatives; and (ii) commercial banks.

The SPCB Plus aims to encourage mergers, consolidations and acquisitions of cooperative banks to strengthen the cooperative banking sector, via the grant of financial assistance (FA) from PDIC and LBP, and regulatory relief/s, branching and other incentives from the BSP.

To apply under the SPCB Plus, the Eligible STPI and the CB, pursuant to the SPCB Plus Implementing Guidelines (“the Guidelines”), shall submit to the SPCB Lane (see address below) a joint letter, addressed to PDIC, BSP and LBP, indicating their intention to merge or consolidate, or enter into a purchase of assets and assumption of liabilities (P&A) or acquire control of the CB under the ambit of the program. The letter shall be accompanied by the following:

Application to avail of the SPCB Plus may be sent to:

For further inquiries, please contact PDIC at 813-3673.

We look forward to your continued support and participation in this program.

Attachments:
SPCB Implementing Guidelines, including Annexes A & B
SPCB Plus Application Form 1