The Palawan Group of Companies has launched a new in-app savings feature, PalaSave, aiming to make banking more accessible to millions of Filipinos, particularly those underserved by traditional financial institutions.
Developed in partnership with Rizal Commercial Banking Corp. (RCBC) through its DiskarTech platform, PalaSave is embedded within the PalawanPay mobile app. The feature allows users to open a savings account without an initial deposit or maintaining balance, lowering common barriers to entry in formal banking.
Company officials said the initiative targets a wide range of users, including workers in the informal sector such as farmers, fisherfolk, drivers and small vendors, as well as younger Filipinos who increasingly rely on digital financial tools.
Karlo Castro, president and chief executive officer of the Palawan Group of Companies, said the new feature builds on the company’s long-standing role in remittances and financial services.
“For decades, Filipinos have trusted Palawan Group not only to send money safely and quickly, but to support their broader financial needs at every stage of life. With the launch of PalaSave, we are building on that foundation of trust by offering a practical, easy-to-use savings solution that fits into their daily routines and helps them take a more active role in securing their financial future,” Castro said.
The platform allows users to start saving with as little as P200 and offers interest earnings of up to four percent annually. Funds can be transferred without fees, enabling users to manage savings flexibly for both short-term and long-term goals.
Lilian Castro-Selda, the company’s chief financial officer, said the feature is designed to encourage better financial habits while removing long-standing obstacles to entry.
“Saving is one of the most important financial habits a person can build, yet many Filipinos are discouraged from starting because of traditional banking requirements such as maintaining balances, paperwork, or limited access to branches. PalaSave is designed to remove those barriers by making the process simple, accessible and fully digital, so more people can begin saving consistently and confidently,” she said.
RCBC executives described the partnership as a step forward in expanding financial inclusion through digital infrastructure. The bank provides the backend system powering the savings feature, leveraging its experience and existing platforms.
Reginaldo Cariaso, RCBC president and CEO, said the integration allows millions of PalawanPay users to access formal banking services without needing to visit a branch or install a separate app.
“This collaboration allows us to meet users where they already are — on their mobile devices — and provide them with secure, reliable banking services without requiring additional steps or physical presence. It represents a meaningful shift in how financial services can be delivered more efficiently, especially to communities that have historically been underserved or excluded,” Cariaso said.
RCBC also highlighted the importance of combining digital tools with on-the-ground support. Lito Villanueva, the bank’s chief innovation and inclusion officer, emphasized that trust remains a key factor in adoption, particularly in rural areas.
“Technology plays a crucial role in expanding access, but trust and familiarity remain just as important, especially in rural and underserved communities. By working with Palawan Group, which already has a strong physical presence and established relationships nationwide, we are able to bridge the gap between digital innovation and community-based service,” Cariaso said.
The rollout comes as financial institutions and fintech providers continue efforts to bring more Filipinos into the formal banking system. Industry data has shown that while digital adoption is rising, a significant portion of the population remains unbanked or underbanked.
By integrating savings directly into a widely used e-wallet platform, Palawan Group and RCBC aim to bridge that gap and promote long-term financial security among users.
