Philippines

The Bangko Sentral ng Pilipinas (the Philippine central bank) expects the commercial banking sector's stock of bad loans to end this year at the pre-Asian currency crisis level of 4 percent of its total loan portfolio.

Exporters are now scrambling for assistance under the Export Promotions Fund, which was largely untapped until last month, as they continue to bear the brunt of a strengthening peso.

The Land Bank of the Philippines said lending to its priority clients hit a record last year.

Bank lending to SMEs has been falling short by P67bn to P180bn of the sectors yearly funding requirement despite government intervention.

Senator Mar Roxas is confident that the Senate will pass a bill providing assistance to MSMEs by amending the Magna Carta for Small Enterprises or Republic Act 6977.

The Department of Trade and Industry is urging SMEs to tap a P280m export promotion fund.

According to the  Philippines government a total of P14bn in loans were released by various government financial institutions to 6,221 SMEs, up until July.

Globe Telecom has launched a new website dedicated to the Philippines fast growing SME segment.

SME's helped by Planters Development Bank investment in a 40-hectare industrial park in Naga town.

 

The First Agro-Industrial Rural Bank Inc. (FairBank) recently signed an agreement with the German Technical Cooperation-Small and Medium Enterprise Development for Sustainable Employment Program (GTZ-Smedsep) to further intensify lending to the small- and medium-sized enterprises (SMEs) in Cebu.