Metro Manila (CNN Philippines, July 21) — Thirty of the Philippines’ top banks have loaned ₱40.6 billion to micro, small and medium enterprises while Luzon was under the enhanced community quarantine, the Bangko Sentral ng Pilipinas said Tuesday.
During the House Committee on Banks and Financial Intermediaries’ virtual hearing, BSP managing director Lyn Javier said banks have been responsive to measures implemented by the central bank to help MSMEs amid the COVID-19 pandemic.
In addition to giving credit, Javier said banks also restructured around ₱1.8 billion in loans to MSMEs.
To help MSMEs access loans more efficiently, Javier said BSP relaxed its “Know Your Customer” requirements for retail clients, subject to certain conditions such as a ₱50,000 cap on financial transactions per day. The customer’s account activities shall also be subject to monitoring.
Javier said BSP will continue looking into the impact of its relief measures for MSMEs.
“BSP has and is ready to employ the necessary tools in its arsenal to address the impact of COVID-19 while staying true to its mandate,” she said.
Meanwhile, the Small Business Corporation under the Department of Trade and Industry said it has released ₱37.8 million in loans to 483 applicants.
For its part, the Rural Bankers Association of the Philippines reported that 80 percent of its total loan portfolio of ₱135.67 billion has been allocated to MSMEs.
