Landbank loans in H1 to MSMEs reach

STAT e - RU n L and Bank of the Philippines (Landbank) said its outstanding loan portfolio to micro-sized, small-scale and medium-sized enterprises (MSM e s) at the end of the first half rose by 7 percent year-on-year to nearly P50 billion.

In a statement, the Landbank said its outstanding loans to MSM e s a s of end-June reached P49.5 billion, about P2.9-billion higher than the P46.6 billion it recorded in the same period of last year.

The BusinessMirror is still awaiting further details or reasons behind the increase of its MSM e l oan portfolio as of this writing. n o netheless, the Landbank said the loan portfolio benefited at least 6,100 borrowers.

“Landbank recognizes the crucial role of MSM e s i n advancing economic development and job generation,” the bank's President and C eo Lynette V. o r tiz was quoted in the statement as saying. “We will continue to work with various government partners to grow our loan portfolio for the sector and

₧50B

open more opportunities for our local entrepreneurs.”

The Landbank said it has been offering special lending programs for MSM e s and entrepreneurs on top of its regular loan facilities.

The Landbank said it provides credit and loan restructuring assistance to MSM e s i mpacted by the Covid-19 pandemic under its “i-Rescue” program.

The bank said it opened this lending window at the onset of the pandemic in 2020 and was able to raise P60 billion as available loanable fund to accommodate more borrowers.

“The program is available until the end of the year,” it said.

The other lending programs of Landbank targeted to MSM e s include those that extend financial assistance to women-owned or -led MSM e s , overseas Filipino workers, and new and existing franchisees. The bank said it also offers credit assistance to Filipino inventors, MSM e s a nd large enterprises, who are eyeing to commercialize their innovative technologies. Jasper Emmanuel Y. Arcalas

“It [FDI] has been at that level for a fairly long time now. And I think it is time for the new transformation. This provides many opportunities that will give us the chance to increase that level of trade that we have been achieving over the past many years,” Marcos said.

A more established manufacturing sector, he pointed out, will allow the country to become competitive in the global market.

“We have to redress that balance and put manufacturing also at a more even level with the service industries in terms of their contribution to the GDP. And for that, we need capital intensive investments,” Marcos said.

He committed to continue providing support to Malaysian businesses, which will invest or are already operating in the country to achieve the said purpose.

“I look forward to the Malaysian business community coming to the Philippines and working together with their Filipino counterparts in partnership to unlock value not only in our two countries but in our entire region,” the President said.

Editor: Vittorio V. Vitug