History
LifeBank, formerly Rural Bank of Maasin (Iloilo), Inc. was established on March 21, 1970 by the Perlas Family (Familia Perlas) and other prominent members of the community of the Municipality of Maasin, Iloilo. The objective of the bank was to extend financial services in areas where access to credit was limited.
In 1993, the Board of Directors held its first planning and visioning session where the bank’s vision and mission was defined. This was when the Sustainable Development Investment Unit (SDIU) was set up. This was a unit to be developed that would institutionalize lending for sustainable development projects, the objective of which is the development of the human potential.
In June 1995, a branch was established in the Municipality of Santa Barbara, Iloilo. The branch experienced phenomenal growth as its deposits, loan portfolio and resources increased beyond expectations while recognizing and affirming trust within the community. It was also in 1995 that the Ikabuhi Microfinance Program (IMP) was established. The program aims to activate savings and provide credit to enterprising poor women.
In 1998, the bank adopted the Grameen methodology for its micro-finance program, which initially produced positive results. Later on, weaknesses in the management information system and program policies were observed prompting management to look for a better alternative. It was in November 2000 where the bank became a program partner of the Microfinance Support Program (MSP) of the United Nations Development Programme (UNDP where the bank was introduced to the Association for Social Advancement (ASA) (pronounced as ASHA, a Bangladeshi word meaning HOPE). Since then, the bank has been implementing the Association for Social Advancement (ASA) methodology with incredible results as proven by its almost 100% repayment rate, early sustainability and rapid expansion.
After covering most of Iloilo, the Board created the LifeBank Foundation, Inc. (LBF) in January 2003 to carry the expansion of the program outside the province. At the time, the Bank did not have the required capital to operate outside Iloilo province. While LBRB continued to grow in assets and capital, LBF’s microfinance operation grew to cover Panay and other parts of the country (Luzon, Visayas and Mindanao). In 2008, LBRB, having reached the required capitalization to operate in other parts of the country, started purchasing microfinance portfolio from LBF in the provinces of Iloilo, Guimaras, Antique, Aklan and Capiz.
LifeBank RB expanded with a head office in Santa Barbara, Iloilo, (3) branches and forty-four (44) BLUs. The branches are located in Maasin, Iloilo (since March 1970; formerly the Head Office), Iloilo City (since May 2011) and Roxas City, Capiz (since May 2013). In addition, Thirty One (31) Branch Lite Units (BLUs) were established. These are operating in the Provinces of Iloilo (Municipalities of Barotac Nuevo, Miag-ao, Sara, Balasan, Oton, Pototan, Iloilo and Passi City), Guimaras (Municipality of Jordan), Capiz (Municipality of Mambusao), Aklan (Municipalities of Kalibo, Altavas and Caticlan, Malay) and Antique (Municipalities of San Jose, Bugasong and Culasi).
In 2018, LifeBank's NGO microfinance arm was officially renamed from LifeBank Foundation, Inc. to LifeBank Microfinance Foundation, Inc. (LifeBank MFI or LBMF) but was later rolled out in 2019 to all its units. In the said same year, due to its rolling of company decentralization plan, LifeBank MFI has been re-organized into zones and districts with branches in lieu of units.
The LifeBank MFI on the other hand as of December 2021, has 536 branches in Luzon, Visayas and Mindanao, covering 300,000+ clients as the 3rd largest microfinancial institution in the country after ASA Philippines (Philippine arm of ASA, the largest microfinancial institution in the world) and Card Bank.
