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Home  >>   Daily News  >>Philippines>>Finance>>BSP Gov. Espenilla to banks: 'MSMEs are good customers'
NEWS UPDATES Asean Affairs    July 17, 2017  










BSP Gov. Espenilla to banks: 'MSMEs are good customers'

Philippines:Seeing the need for more access to financing for micro, small, and medium enterprises (MSMEs), Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. on Friday encouraged financial services providers to better serve the sector.

"My foremost message is focused on financial services providers, especially banks. MSMEs are good customers, they have to be served," Espenilla said during the ASEAN 2017 MSME Development Summit in Pasay City.

"We cannot be complacent in serving that market," the central bank chief added.

Among the challenges faced by small businessmen are access to capital.

Due to tedious processes and bulky documentary requirements before availing a loan from a bank, MSMEs were lured by so called "5-6 lenders," wherein they were charged with high interest rates as much as 20 percent.

To address the challenge in access to financing, Espenilla said that the BSP has created an "enabling regulatory environment that encourages our banks to go beyond comfort zone to deliver financial services to farthest corners of the country."

"How do we do that? We have opened up the banking system to competition. We have allowed the entry of innovative players to encourage banks to work harder for SMEs," he said.

As for the borrowers, Espenilla reminded MSMEs to be responsible with their debts.

"Be responsible, your credit limit is your biggest asset," he said.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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