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Philippine banks have extended more than P166.3 billion
to small and medium-scale entrepreneurs (SMEs) and micro
borrowers, the Bangko Sentral ng Pilipinas (BSP) said on
Wednesday.
In an
e-mailed message, BSP Governor Amando Tetangco Jr. said
compliance with the mandatory 8-percent loan allocation
for SMEs was sufficiently met. The numbers came from the
banks’ total loan portfolio at the end of February.
“We have
kept our advocacies: poverty alleviation through
inclusive financial systems, such as micro and SME
lending, enhanced financial literacy and involvement
with corporate social responsibility programs like the
Gawad Kalinga,” he said.
According to him, the number of banks and the volume of
lending poured into microfinance activities have risen
over the years from next to nothing to “over 200.”
“Total
loans granted amount to around P6 billion [for micro
borrowers] while households served number over 800,000,”
Tetangco said. |
