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PIA Press Release
2006/10/17

Guidelines on small business loans discussed

by ES Subong

Iloilo City (17 October) -- Proposed guidelines on how to streamline processes for providing loans to SMEs are now being discussed upon instruction of President Arroyo that the trade and industry and the finance sector should capitalize on lower interest rates brought about by the country's higher credit ratings.

Finance Secretary Margarito Teves said that SMEs should be provided with better access to loans without much of the procedural bottlenecks.

Likewise, President Arroyo asked the Bangko Sentral ng Pilipinas and the private banks to work on a memorandum of agreement on a possible informal way of giving easier access to capital for entrepreneurs with a simplified procedure for the granting of loans.

Meanwhile, the government welcomes the reports of the credit rating upgrade from Moody's because it shows that the fiscal discipline imposed by the Administration is winning the day for the Filipinos.

The President welcomed the lower interest rates brought about by higher credit ratings which would translate to more foreign direct investments and more job opportunities.

On the other hand, Secretary Teves said that the proposed informal mechanism between the BSP and the private banks for better access to capital would address the needs of the entrepreneurs.

This, he said would meantime serve as Congress discusses on proposals for the creation of the credit information bureau that is expected to help simplify procedures.

Without which, the President said, many entrepreneurs still could hardly find access to capital, despite the lower interest rates and adequate funds in the private banks. (PIA 6) [top]

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