MANILA, Feb. 19 -- Nine rural banks and a bank consortium in the Philippines will receive grants from the Asian Development Bank (ADB) amounting to USD655,000 to implement digital transformation solutions to better service underserved and unbanked sectors.

In a statement Monday, the ADB said these grant awardees include Banco San Vicente, Camalig Bank, MVSM Bank, Rural Bank of Guinobatan, Rural Bank of Medina, Rural Bank of Montalban, Rural Bank of Porac, Rural Bank of Silay, and Rural Bank of Tandag.

The Good Bank Consortium, meanwhile, is composed of three rural banks.

The awardees were chosen from rural banks nationwide serving women, farmers, fisherfolk, and micro, small, and medium-sized enterprises, which submitted their digital ...