The Palawan Group of Companies (PGC) and Rizal Commercial Banking Corp. (RCBC) have launched PalaSave, a digital savings feature integrated directly into the PalawanPay e-wallet.
Since its introduction, the service has registered 60,000 accounts and accumulated approximately PHP 50 million in deposits.
PGC aims to reach one million users and PHP 1 billion in total savings within its first 12 months, the Manila Times reported.
Regulated by the Bangko Sentral ng Pilipinas as a basic deposit account, PalaSave offers a 4% annual interest rate, zero maintaining balance, and a maximum balance limit of PHP 50,000.
The product aims to provide a formal, high-yield savings option for unbanked and underbanked populations. PGC President and CEO Karlo Castro emphasised their focus on underserved groups such as farmers, drivers, and market vendors.
Highlighting the need for accessible tools, RCBC Executive Vice President Lito Villanueva described the target demographic as people who are “financially capable but systematically invisible,” including undocumented gig workers and freelancers.
This domestic savings initiative arrives alongside emerging challenges in international capital inflows. Castro reported that overseas Filipino worker (OFW) remittance growth has flattened compared to 2025.
He attributed the recent decline in remittance volumes and values to the escalating military conflict in the Middle East and the introduction of a 1% remittance tax by the US.
Featured image: Edited by Fintech News Philippines based on a video by PalawanPay via Youtube.
