TAGUIG CITY, PHILIPPINES – Rizal Commercial Banking Corporation (RCBC) and PalawanPay have reached over 1 million PalaSave accounts, months ahead of their year-end target, as the digital savings service gains traction among Filipinos.
PalaSave is a savings feature embedded in the PalawanPay app and powered by RCBC DiskarTech. It allows verified PalawanPay users to open an RCBC Basic Deposit Account directly within the app, without downloading a separate banking application or maintaining a minimum balance. The service offers up to 4% annual interest on eligible balances, with no initial deposit required
The milestone comes just eight months after PalaSave was launched in January 2026. At the time, PalawanPay had set a target of reaching 1 million PalaSave accounts within its first year.
For RCBC, PalaSave marks its first live implementation of Banking-as-a-Service (BaaS), embedding DiskarTech’s banking infrastructure within a non-bank digital platform. The partnership allows PalawanPay’s large user base to access formal savings services through an app they already use for everyday financial transactions.
Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer, said the milestone demonstrates the value of combining banking infrastructure with platforms that already have strong reach and customer trust.
“Reaching 1 million PalaSave accounts ahead of target shows that Filipinos are ready to embrace digital savings when financial services are made simple, accessible and available through platforms they already know and trust. This is exactly the kind of partnership that can bring more Filipinos into the formal financial system,” Villanueva said.
“By combining PalawanPay’s extensive reach with RCBC’s banking infrastructure, we are bringing savings closer to communities that may not have considered opening a bank account before. We look forward to building on this momentum and creating more opportunities for Filipinos to save, transact and grow financially,” Villanueva added.
“At the Palawan Group, we have always believed that financial services should be within reach of every Filipino. Reaching over 1 million PalaSave accounts ahead of our target tells us that when we make saving simpler, more accessible, and more convenient, we can encourage more Filipinos to take meaningful steps toward financial security. Through our partnership with RCBC, we are bringing together digital innovation and the trust we have built in communities across the country. This is what Serbisyong May Malasakit means to us: making everyday financial services more accessible, creating opportunities for our fellow Filipinos to grow, and helping more families build a better future. We see this milestone not as a finish line, but as another step toward our goal of making financial inclusion a reality for more Filipinos,” remarked Karlo M. Castro, President and Chief Executive Officer of the Palawan Group of Companies.
About RCBC
RCBC (Rizal Commercial Banking Corporation) is one of the top banks in the Philippines. Currently ranked as the fifth largest privately owned bank in the country, RCBC offers a full range of financial products and services to individuals and businesses nationwide for 65 years and counting.
Recognized as the Best Bank for Digital and Best Bank for Customer Experience, RCBC continues to drive innovation through customer-focused, technology-driven solutions. The bank is a proud member of the Yuchengco Group of Companies (YGC), one of Southeast Asia’s most established conglomerates. To learn more, visit www.rcbc.com.
About PalawanPay
PalawanPay is the digital arm of the Palawan Group of Companies and the Philippines’ fastest growing e-wallet, offering a secure, convenient, and affordable way to manage the Filipinos’ everyday financial needs. The app offers a full suite of services including cash-in/cash-out, bills payment, remittance, mobile load, and microinsurance.
