Historical Background
Lagawe Highlands Rural Bank, Inc. (LHRBI) – also known as BancoLagawe – was established on December 23, 1999, in Lagawe, the capital town of the province of Ifugao in the Cordillera Autonomous Region. It was established with the support of the NOVIB-funded Sustainable Rural District Development Program (SRDDP) which has been implemented by the Philippine Rural Reconstruction Movement (PRRM) in Ifugao and four other provinces since 1989. The components of SRDDP are organizing, education, health, and local economic development. It was under the local economy development component that the bank was established. The bank was set up as a credit institution with a distinct personality separate from PRRM as a rural development NGO (non-government organization). From among the five SRDDP areas (Bataan, Camarines Sur, Ifugao, North Cotabato, and Nueva Ecija), Ifugao was chosen as the pilot area for the bank as there was no existing rural bank in Ifugao then, easily satisfying the requirement of the Bangko Sentral ng Pilipinas (BSP) that new rural banks will only be allowed in areas where there are no existing rural banks. PRRM assembled civic-minded and financially capable individuals to facilitate the establishment of a rural bank in the province. The BSP granted LHRBI its license to operate with an initial capital of P3.6 million and started the operations in Ifugao's capital town of Lagawe in December 1999.
In November 2007, the bank’s Solano Branch was established in Solano, Nueva Vizcaya as additional institutional and private investors joined the bank. During the same year, the bank started using BancoLagawe as a business name to enhance its name recall.
In October 2009, the bank set up its Bambang Branch at the Nueva Vizcaya Agricultural Trading (NVAT) Compound at Almaguer North, Bambang, Nueva Vizcaya to service agricultural traders and farmers in the area.
From a modest Lagawe Branch office in the public market at Poblacion East, Lagawe, Ifugao in 2000, the bank’s head office and main branch moved to a new location along the national highway at the town center of Lagawe on June 20, 2012. The bank’s Solano Branch also expanded its office space and unveiled its new BancoLagawe façade in early 2015. And on February 22, 2016, the Bambang Branch office moved to its new location at the new administration building of NVAT, along the national highway at Almaguer North, Bambang, Nueva Vizcaya.
The fourth branch is in Banaue inaugurated on February 08, 2018, located along the national highway, Ilogue, Tam-An Banaue, Ifugao.
On July 18, 2022, the Solano branch from the Danao building transferred along the national highway Solano, Nueva Vizcaya. A new and wider office to accommodate more clients.
In 2023, the inauguration of six branch-lite offices and one additional branch marks another significant milestone in the bank’s history.
Quezon Branch-lite, April 17, 2023
Tinoc Branch-lite, April 18, 2023
Diadi Branch-lite, May 16, 2023
Villaverde Branch-lite, June 27, 2023
Cordon Branch, November 2023
Lamut Branch-lite, December 2023
Kiangan Branch-lite, December 2023
By strategically expanding into this market, BancoLagawe is poised to strengthen its presence, serve its clients more effectively, and contribute to the growth of the local community. This expansion is a testament of BancoLagawe’s commitment to innovation and excellence.
BancoLagawe's asset size has demonstrated remarkable growth over the years. It expanded from a base of P13 million in 2000 to P141 million in 2010, further reaching P454 million in 2020, and culminating at an impressive P568 million in 2022. This consistent upward trajectory underscores the Bank's commitment to achieving its target of reaching P500 billion in assets.
In 2020, BancoLagawe's authorized capital stocks of P50 million were fully subscribed and paid, reflecting the growing trust of private investors who chose to invest in the Bank. Encouraged by this investor, confidence, and an increasing influx of interest from potential stakeholders, the Bangko Sentral ng Pilipinas (BSP) granted approval in October 17, 2022 to augment the authorized capital stocks, raising it from P50 million to P80 million pesos.
BancoLagawe’s journey began humbly in 1999 with just four dedicated employees. Over the years, as the Bank experienced significant growth, its workforce expanded substantially, reaching a total of forty employees in 2022 and an even greater number of fifty-two in 2023.
Dedicated to enriching people's lives, BancoLagawe remains unwavering in its pursuit of excellence, continuously striving to improve and deliver exceptional services.