By the Manila Standard
Users of DiskarTech, Rizal Commercial Banking Corporation’s (RCBC) digital savings account, more than doubled their daily deposits in January or a 146-percent increase versus its 2020 average, following its “Ipon Galing” national savings campaign.
The Taglish finance app also noted a jump in usage at 274 percent in volume transactions this month compared to last year’s average.
“We hope that with this awareness campaign, more Filipinos will see the real value of savings especially during crises like this pandemic,” said RCBC president and chief executive officer Eugene S. Acevedo.
Six months after its launch,, RCBC’s DiskarTech mobile app has given unbanked and underserved Filipinos a convenient way to deposit their money and keep track of their savings. One of the digital bank account’s goals is to help its users reach their financial goals through perks like its 3.25 percent annual interest on savings.
DiskarTech saw a 42-percent growth in savings volume in January 2021 versus the previous month and a 38-percent increase in deposits per user in January compared to its 2020 average.
“These numbers are very promising showcasing Filipinos’ resiliency amidst this challenging time. We hope to be a partner of every Filipino in our collective quest towards economic recovery,” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.
According to CEIC Data, the Philippines’ gross savings rate was measured at 12 percent in December 2020, higher than the previous quarter at 8.8 percent. The average savings rate from the period of March 1981 to December 2020 is at 17.7 percent. Due to the negative economic effects of the pandemic, it reached a record low of 6.1 percent in June 2020.
“The pandemic has compelled us to rethink our financial attitudes. Despite its negative impacts, the pandemic has given us the opportunity to seriously look at the state of our finances. It has motivated many Filipinos to save more,” said Joyce Suficiencia, financial inclusion office director of the Bangko Sentral ng Pilipinas.
What’s next?
DiskarTech users can still get a “Doble Ipon” incentive with Ipon Galing’s new campaign called “Kakokompyuter Mo ‘Yan” raffle promo in partnership with the Department of Education (DepEd). The promo will double one winner’s average daily balance in the period of Feb. 17 to March 16, 2021.
There will also be 15 winners of “AyuData” or ayudang mobile data which are P1,000 worth of prepaid mobile phone credits from the users’ chosen telecom provider to cover for a month’s mobile data requirement for online schooling. Raffle winners will be announced two days after the promo period.
Apart from the promo, this partnership will further promote financial literacy in the classroom. DepEd Undersecretary Toni Umali said this is a good opportunity to “teach students, even teachers, on how to be smart with their savings.”
“Let’s work together to encourage more Filipinos to save, especially the young ones, through Ipon Galing,” Acevedo added.
See original article here.