The enthusiasm towards poverty alleviation has increased as The Hongkong Shanghai and Banking Corp. (HSBC) one of the global financial players and one of the country’s premiere development banks has increased its focus on microfinance.
HSBC has expressed interest in supporting the country’s microfinance sector in an indirect way while the Development Bank of the Philippines (DBP) has opened a credit line for the sector.
"We are seriously looking at giving some support to that sector," Michael R.P. Smith, HSBC chief executive officer for the Asia and Pacific region said in a recent trip to the Philippines. The HSBC regional chief executive however admitted that it would be impossible and uneconomical for the global financial player to take direct participation. It does not have the infrastructure, expertise, inclination, and regulatory framework.
