Stories tagged
‘mt pinatubo’

A bank and a backward town

CABANGAN, ZAMBALES — The Rural Bank of Cabangan sits proudly outside the center of this dusty town, where it is housed in one of the handful of commercial buildings in the area. Established in 1973 with a start-up capital of just half a million pesos, the bank now has an authorized capitalization of P9.5 million, with more than P70 million in resources. It is the only bank in Cabangan, and practically one of the few things that have shown improvement (at least in terms of profits) here in the last two decades. It is also the bank the town mayor sometimes runs to whenever Cabangan needs loans for its purchases and operational requirements.