The Yuchengco Group’s Rizal Commercial Banking Corp. (RCBC) has sought the central bank’s authority to allow it to accept government deposits.

RCBC, the country’s fourth biggest banks in asset size, in its proposal to the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) was requesting permission to accept deposits from various local government units.

If approved, RCBC as an accredited government depository bank joins United Coconut Planters Bank (UCPB) and Philippine National Bank as private banks that are also authorized to accept government cash. State-controlled Land Bank of the Philippines and Development Bank of the Philippines are official government depository banks.

Last year, Banco de Oro Unibank asked the BSP, and was eventually approved, to accept deposits from the Government Service Insurance System, which had a total of P20 billion cash deposits at the time the bulk of which was with the Aboitiz-led Union Bank.