The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Best Bank Awards

Philippines' best digital bank 2021: RCBC


Eugene S Acevedo, President and CEO, RCBC.jpg
Eugene S Acevedo, RCBC

Rizal Commercial Banking Corporation’s strategy of using its digital prowess to do good in the Philippines is what captures Asiamoney’s attention the most this year.

Under the leadership of Eugene Acevedo, chief executive and president of RCBC, the bank had disbursed more than $293 million in financial aid on the part of the government, benefitting roughly 4.1 million low-income families, or nearly 21 million individuals in 72 of the nation’s provinces, as of May 2021. Cash was handed out through RCBC partner rural banks, cooperatives, microfinance institutions, retail stores and even pawnshops. As it led the first large private-sector initiative of the pandemic era to disburse much-needed government aid, RCBC discovered places where its digital banking capabilities could gain greater traction.

Before the pandemic, about 71% of adult Filipinos, or 51.2 million people, were unbanked, and only 10% of them were using digital apps. It has long been a goal of Bangko Sentral ng Pilipinas to change that narrative. From 1% in 2015, the central bank had hoped to drive digital banking rates to 20% by 2020.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree