LifeBank Annual Report 2018 - Draft by Bluqube

LifeBank A Rural Bank

WHO WE ARE Ficidebis eosanto quas que parumet dolenimodi omnis magnatquis natius, id qui tendel mos vent. Turepra dit dolupic iligenient mod estruptiam cus essintio conest, nime nectibus dolo beatem qui neculligent mi, sum diorporerest vellate plia sum et quam, consequia volorep erendest faceatatqui ipsanist, sitiost inihil id quatur modis daolupis molo et estiscitibus minullaut quid moloreprest litatiam, odipsamet quiam rerum rentore dolo iuntiatiate et haris delis aut eatur sume ium et, nusci iscillut omnit volendest odi quiatus.

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MISSION The four pillars of our mission focus on our clients, our partners, the communities we are serving and our fellow Lifebankers.

TO OUR CLIENTS: Ra is as quo berum aut alis sitio venimendis dis nem eiciunt, quo conet alit atatquas eum eum in ped eaquis eum, quam, qui restium fugia

TO OUR PARTNERS: doluptiunt, sunt dolorit vel et eost paruntum dolorum nime laut id que quo dit quo omnitaque laborep tatur?

TO THE COMMUNITIES WE SERVE: Onestia di doluptium eum res aliatiati accus eum faci am facearum, sitae perum quiatem et haribus as doluptaerum et hil molorem erum

TO THE LIFE BANKERS: Onestia di doluptium eum res aliatiati accus eum faci am facearum, sitae perum quiatem et haribus as doluptaerum et hil molorem erum

VISION A leading provider of a range of financial services to bank clients, especially microfinance for the enterprising poor and an important partner to support individuals, families and their communities in realizing their inherent potentials through a culture of caring, sharing and respect for nature.

CORE VALUES WE EXCEL. Competence & Professionalism Integrity Honestly

WE CARE. Customer Satisfaction & Service Obedience Security & Safety Loyalty

WE SHARE. Social Responsiveness Sustainable Development

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FINANCIAL HIGHLIGHTS

WHERE WE ARE RESOURCES (IN MILLIONS)

2018

2017

2016

2015

Assets

902.73

834.10

758.80

655.40

Liabilities

630.75

606.10

584.80

520.40

Equity

271.98

228.00

174.10

134.90

511.82

504.43

451.60

DEPOSITS (IN MILLIONS)

Deposits

531.55

LOANS (IN MILLIONS)

MF (Micofinance) CRD (Credit Relationship Department)

393.80

343.19

293.16

254.00

48.02

43.08

36.92

32.88

INCOME AND EXPENSE (IN MILLIONS)

Income

268.23

238.80

214.10

176.20

Expense

222.15

182.47

172.12

148.58

NET INCOME (IN MILLIONS) Net Income

46.10

MINIMUM LIQUIDITY RATIO (MLR) MLR

65.21%

56.30

42.00

27.30

MESSAGE OF THE PRESIDENT

TURNING OUR VISION INTO REALITY We’re almost there! That’s what comes to mind when I think of LifeBank’s accomplishments for year 2018. I hope this positive perspective is shared by all LifeBankers. The year 2018 was somehow a crossroad for LifeBank – A Rural Bank as it marked the first year of the new 3-year 10 Strategic Directions we set for ourselves, our partners and our clients.

The past year marked the start of implementing exciting, yet challenging innovations and changes. While we are aware that much still has to be done, we celebrate what we have accomplished together. We said a year ago that we finished 2017 on a high note. Let it be said however, that we ended the year 2018 on a higher note. Indeed, we bested ourselves. Not only have we defended our gains and sustained our momentum, embraced the changes that came - we successfully launched new products and services as well.

Our vision and mission as LifeBank – A Rural Bank will always be articulated in lofty terms. However, we take pride in saying that they do not just remain as dreamy statements but somehow become concrete as a result of the collective efforts of every LifeBanker in every nook and corner of LifeBank – A Rural Bank – from the boardroom to every office, all the way to the BLUs and communities we serve. Every initiative we launched, every challenge

we addressed, every difficulty we hurdled, every change we managed – were worth all the effort and sacrifice, as we have in our minds and hearts the welfare of our clients. We are grateful to the members of the Board of Directors for nurturing a productive policy environment and for steering our organization in strategic directions that place us in positions of strengths. We are equally grateful to the management for transforming the wisdom of the Board into actions as they vigorously implement the policies and changes. A more intense gratitude however is reserved for all front liners, those responsible for directly delivering our products, programs and services – for providing a pleasant and compassionate face of LifeBank – A Rural Bank to all our clients, especially the enterprising and self-employed poor in our covered areas.

The year 2018 saw us embark on an exciting journey in pursuit of ten Strategic Directions for the years ahead. In partnership with like-minded organizations, government agencies, local government units, and the communities we serve, we find ourselves in an excellent position to realize most of the development strategies we defined for ourselves and our clients.

It is our hope that the accomplishments, successes and milestones contained in this 2018 Annual Report converge into an all-important impact we all want to see – a better life for our clients and communities we cover. This is the bottom line that speaks of who we are: a low-key microfinance organization contributing to the collective efforts in reducing poverty.

Indeed, we’re almost there and the remaining tasks for the next two years and beyond will keep us going and inspire us to relentlessly pursue our defined directions as an organization.

ROSARIO B. PERLAS,M.D.

PRESIDENT’S REPORT There are three words that describe best what LifeBank – A Rural Bank achieved in 2018: Sustainability, change and growth. Sustainability is crucial for any organization like ours. Defending our gains and sustaining our momentum, that’s what we did in 2018. Change, one that we managed well, spared our organization from adverse effects associated with change which brought positive results as intended. Sustainability and positive change resulted to the over-all growth of LifeBank – A Rural Bank in 2018.

WHAT WE WANTED TO ACHIEVE IN 2018 AND BEYOND We crafted a 3-year 10 Strategic Directions starting in 2018: do our role in mobilizing support to microfinance ecosystems; create programs that will impact on the lives of the poor; improve client relations by intensifying client focus in microfinance operations; address challenges posed by competition; establish a system that is compliant to new regulatory environment; enhance technological capabilities; enhance staff competency and strengthen skilled personnel retention; cultivate deeper appreciation of LifeBank – A Rural Bank’s VMG among successor generation and help our clients in dealing with climate change impacts.

AFTER A YEAR, WHERE ARE WE NOW? Pursuing the directions set by the Board, the Management and staff embarked on fifty-two (52) initiatives to implement the Strategic Directions. By the end of 2018, 17 (33%) of these are fully done, while 16 (31%) are on track, 10 (19%) are not yet started and 9 (17%) are pending or parked. The numbers are telling us something, and it’s what we all want to hear: “we’re almost there!” Having done a third (33%) at the first year (2018) of what we intend to do in three years gives us a realistic assurance that we’ve been doing the right things here at LifeBank – A Rural Bank.

SNAPSHOTS OF WHAT WE ACHIEVED SUSTAINED ECONOMIC GROWTH: OUR CONCRETE WAY IN SUPPORTING THE MICROFINANCE ECOSYSTEM As to the numbers that matter to the economic growth of LifeBank – A Rural Bank, a comparative movement from 2017 to 2018 shows an upward trend, except for net income. Assets increased by 8.92%; deposit increased by 3.86%; and capital increased by 18.41%. The slight decrease (15.81%) in net income could be interpreted positively as a result of paying Income Tax Expense accrual and Performance Incentive accrual of P5,918,146.29 that were not considered in 2017 computation of net income. Both items speak of the organization’s responsibility to country and its own persvonnel. Other indicators for sustained economic growth are the opening of 4 branch-lite units (BLUs) in the provinces of Aklan, Antique and Iloilo, 1 unit added and 3 units transferred from LBF.

COMPLIANCE WITH REGULATORY PRESCRIPTIONS LED TO BETTER GOVERNANCE AND WIDER MARKET REACH LBRB consistently complied with regulatory prescriptions that saw us effecting huge changes such as the abolition of Risk Management Committee that enhanced better corporate governance. LBRB converted all existing Micro-Banking Offices (MBOs) to Branch-lite Unit (BLUs) in compliance with BSP that would effectively facilitate wider market reach. Across departments, there has been a series of reviews on compliance and streamlining of processes throughout 2018.

IMPROVED PORTFOLIO QUALITY Efforts at improving portfolio quality were initiated in 2018, specifically in preparing for horizontal and vertical expansion, piloting of LBF Salary Loan and decreasing PAR ratio.

While the CRD and SDID Loan releases are both in the upward trend, SDID accounted for 89.13% of the total loans. This only showed that we catered adequately to our preferred client â&#x20AC;&#x201C; the enterprising and self-employed poor.

ADDRESSED THE COMPETITION Dovetailing efforts in diversifying and improving portfolio quality, LifeBank â&#x20AC;&#x201C; A Rural Bank prepared and launched innovative products and services in 2018 as the key to deal with competition. The different departments, particularly, the SRDI and BBOD, teamed up to develop new products like the enhanced CRD Loan, LifeSecure (loan to salaried individuals with collateral), LifeHome (staggered release for house construction), Educational Loan, and improved Agri-Aqua Loan (loans to irrigated rice farmers and fisherfolks). SDID worked on further refining microfinance methodology to become more responsive for our clients and successfully effected amendments to loan cycle policies that doubled the allowable loan packages. The other key to be more competitive is increasing organizational efficiency facilitated through partnerships like what we successfully forged with Palawan Pawnshop.

IMPROVED RETENTION OF CLIENTS THROUGH A MORE INTENSE CLIENT FOCUS Recognizing that the best way to keep the clients is to strengthen organizationcustomer relationships by delighting them, the different departments initiated loyalty/ rewards systems to branches and by offering business training to clients. Steps were undertaken to improve frontline relationships with clients. Reduction in interest rates and simplification of processes is expected to contribute to collective efforts in client retention. In addition to other innovative loan products launched, LBRB LifeKIDDIE and LifeTEENS savings deposit program were rolled out in 3 branches in 2018 as our way of nurturing a culture of savings early in their lives.

BECOMING A TECHNOLOGY-ORIENTED BANK THROUGH DIGITAL TRANSFORMATION Initial processes were initiated in 2018 that would eventually lead in adopting robust software to complement and enhance operations and function of different departments. Intranet was installed and so is the internet connection to all BLUs.

ENHANCED STAFF COMPETENCY AND DEDICATION AS INVESTMENT FOR SUCCESSION Cognizant of the fact that personnel is the most valuable resource in LifeBank – A Rural Bank, almost all departmental training initiatives and Human Development (HD) staff capacity building designed were implemented in 2018. The HD-Staff Development and Relations Division (SDRD) initiated the LEAP (Learn, Educate and Act for Progress) that consists of in-house mentoring and coaching to improve staff competency. Most importantly, a revisit of LifeBank – A Rural Bank’s Vision and Mission was facilitated through workshops that were intended to deepen the personnel’s commitment and dedication, particularly among successor generation to ensure continuity. The promotion of some of our personnel to higher positions in 2018 concretized the planned succession. To further motivate the human resource, compensation was enhanced like increase in employee allowances and benefits. All these HRD initiatives were integral part of the staff retention program. Bottom line is, we take care of our own people in the organization the best way we could.

DELIVERED LIFEBANK – A RURAL BANK PROJECTS THAT ARE GEARED TOWARDS DIRECTLY HELPING THE POOR THROUGH PARTNERSHIPS As a caring and sharing organization, LBRB through the SRC distributed school supplies to 250 students of Trangka Elementary School in Maasin last August 2018, a remote community. Adopt-a-School Program (ASP) was likewise initiated through a Ground Breaking and MOA Signing between the President of LBRB, Mayor of Maasin, Iloilo, DepEd VI Representative, Punong Barangay, and the School Principal of Brgy. Dagami National High School (DNHS) for construction of gender-based comfort rooms. In the same school, a Gender and Youth Development workshop was conducted by LBRB SRC discussing the topic on Responsible Parenthood and Teenage Pregnancy to the Teachers, Parents and Students of Dagami National High School. This initiative directly responds to the issue of teenage pregnancy as one of the prevalent problems affecting poor families. The roll-out of Educational Loan provides another window in facilitating opportunities for education for deserving students coming poor families. In 2018, LBRB also articulated the need to help poor communities in mitigating the effects of climate change as a major contributory factor to poverty that paved the way for exploring best options to transform these into specific projects in 2019 and beyond.

2019 AND BEYOND While there is still much to be done, let our impressive achievements in 2018 be our inspiration and source of hope. Sustainability, positive change, meaningful growth – these will consistently define LifeBank – A Rural Bank’s strides this year and the years to come.

THE CLOSER LOOK OPERATIONAL HIGHLIGHTS

OPERATING RESULTS

GOING INTO DETAIL

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CORPORATE SOCIAL RESPONSIBILITY

GIVING BACK TO THE COMMUNITY

SRC JUMP START – ESTABLISHING SUSTAINABLE INNOVATIONS LifeBank – A Rural Bank has formally established the Corporate Social Responsibility Committee of which the objectives focus on contributing to the well-being of the communities and society. The thrust of SRC is to align the company’s social and environmental programs with its business purpose and values. SRC strategies are in coherence to three determinations: of not only increase profit and improve business performance, but in refining operational effectiveness, and transforming business model to address the current social and environmental challenges of our society. In the dawn of implementing SRC programs, the inventory of activities was carried out to see direction aligned to the Vision-Mission and Core Values of the Bank – establishing the aim towards a systemic method of project implementation. The development of Mainstreaming SRC initiatives has to be comprehensive Systems approach (needs-based short-term and long-term) – to answer the actual needs of the communities served. It was set by the SRC Committee that the priorities are focused on Adopt a School Program (ASP), Education Scholarship (ESP) for the members’ beneficiaries, and the Medical Mission. SRC takes into consideration the designing programs and activities which centres on Culture and Sports, Education, Environment, Health, and Youth Development Programs.

The launching of the flagship â&#x20AC;&#x153;Adopt a School Programâ&#x20AC;? implementation started by profiling and categorizing ten recommended vulnerable communities and schools in the Municipality of Maasin, Iloilo in May 2018. SRC has formulated a profiling tool which was used in mapping the said communities, taking relatable data and assess the actual needs of respective communities. The results were presented to the Committee and the selection of priority community/ school was discussed and approved. Based on the data of the report, the committee has selected Brgy. Trangka Elementary School to be the first recipient of the ASP, by building an additional classroom to address the needs of the school to cater more students for the opening of Senior High School. However, with the unforeseen event that happened during the course of profiling of the community, which almost endangered the staff conducting the survey, the Committee has decided to withdraw and change the beneficiary school and instructed the SRC to go to the next priority Community. Added to the above-mentioned security concerns was the distance and accessibility of the place.

Barangay Trangka is 21 kilometres away from town and is located in the mountainous part of the Municipality of Maasin, Iloilo, which the only mode of transportation is through a motorcycle ride. Given its Topography and altitude, the place is difficult to reach and inaccessible during the rainy season. With this, the SRC suggested to the Committee an exit strategy i.e., to distribute school supplies to 150 elementary students of the school. In this advocacy, laudable support from department heads was exhibited by joining and encouraging their staff to take part in the said activity. There were twenty-five (25) LBRB employees who volunteered and helped prepare the set of school supplies to be given to the students. Despite the rainy weather, the muddy, uphill and slippery road, these remarkable persons have walked more than three hours under drizzling weather, carrying boxes of school supplies to Trangka Elementary School last August 31, 2018.

In the advancement of SRC program implementation, Linkages have been important factors in defining success, where the partnership between like-minded institutions is set towards common objectives. The notable collaboration between LBRB-SRC and LGU Maasin has been instrumental, which paved the way to a harmonious working relationship in the identification of prospective recipients and project delivery. With these endeavours, LifeBank was also formally acknowledged by the Division Office of Iloilo as one of the Local Stakeholders that works for the enhancement of educational facilities and development programs for the benefit of the (vulnerable) schools in the province of Iloilo. On December 6, 2018, one of the important milestones in LifeBank Corporate Social Responsibility, of which Dr. Rosario B. Perlas was invited to deliver the pledge of partnership in support to DepEd Region VI in the Annual Convergence of the Local Stakeholders in the Province of Iloilo. LifeBank – a Rural Bank through the Social Responsibility Office will continuously work for comprehensive and strategic sustainable innovations to close gaps, help break the chains of poverty, and empower the poor in bringing about holistic developments to the lives of the people and in our society. It is the desire of the Organization that all should embody the Company’s core values, with a strong conviction in bringing brighter hopes serving our clients with much dedication. Thus, it is the desire of the bank to not just see what the society is like, but what the society should be, and bring impact and systemic change in the market economy and society.

“IAMLifeBank – We Excel…We Care…We Share!”

RISK MANAGEMENT FRAMEWORK

GOING THE EXTRA MILE

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AML GOVERNANCE AND CULTURE Iquam et ped que ma nobisciis minti tem alit ute officiam, expliquat pos aliquo blacia idisciis quunt int quae. Itas accusa dolupta duntemp eribus erro odisquiassum faccus qui dolut a quunto magnam volenimpore nitia dolendiatios as coresed itisse sitem. Ovitat.