Published May 5, 2021, 4:09 PM
State-run Philippine Guarantee Corp. (PhilGuarantee) sustained the growth of its guarantee program for viable but pandemic-hit micro, small and medium enterprises (MSMEs) for the third straight month since its launch in December last year.
The total loans guaranteed by PhilGuarantee reached P1.47 billion at end-March this year, the agency’s report submitted to Finance Secretary Carlos G. Dominguez III showed on Wednesday, May 5.
Alberto Pascual, PhilGuarantee president and chief executive officer said the guaranteed loans represent a 612 percent increase from the P207 million pilot guarantee portfolio achieved at the launching of the MSME Credit Guarantee Program (MCGP) in December.
End-March state-backed loans to MSMEs surge by sevenfold
May 6, 2021 | 12:06 am
GUARANTEED LOANS to small businesses climbed as of March as Philguarantee Corp. received more funds, the Finance department said. BW FILE PHOTO
STATE-RUN Philippine Guarantee Corp. (Philguarantee) saw its guaranteed loans to micro, small and medium enterprises (MSMEs) surge by sevenfold as of March from the end-2020 level after receiving the P5 billion in additional funds from the government’s second stimulus package.
The Department of Finance (DoF) reported on Wednesday that Philguarantee’s overall guaranteed loans to MSMEs jumped by 612% to P1.47 billion as of March from P207 million in December 2020. The statement quoted a report from the state-run firm’s president and CEO Alberto E. Pascual.
BSP, CDA to improve funding access by MSMEs with surety mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
THE two entities formalize the implementation of Republic Act No. 1074. BW FILE PHOTO
THE Bangko Sentral ng Pilipinas (BSP) partnered with the Cooperative Development Authority (CDA) to implement the Credit Surety Fund (CSF) Cooperative Act of 2015 in a move that could pave the way for sustainable financing for small businesses.
The CSF takes the place of hard collateral for loans extended to qualified cooperative and micro-, small-, and medium-sized enterprises (MSMEs).
“The BSP is committed to support the development of the CSF as a vital credit infrastructure for sustainable MSME financing,” BSP Governor Benjamin E. Diokno said in a statement.
PhilGuarantee hikes MSME guarantee portfolio in Feb sunstar.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sunstar.com.ph Daily Mail and Mail on Sunday newspapers.