State-owned Philippine Guarantee Corporation (PHILGUARANTEE) has partnered with ORIX Metro to help it extend loan products for more micro, small and medium enterprises (MSMEs).
“With PHILGUARANTEE’s sovereign rating and the zero-risk weight feature of our guarantees, partner lending institutions like ORIX will be able to channel credit to MSMEs with more favorable terms,” PHILGUARANTEE president and chief executive officer Alberto Pascual said.
In an email to DAILY TRIBUNE, PHILGUARANTEE said its partnership with ORIX Metro, a leasing and finance corporation under Metrobank Group, was made official on 27 November.
Pascual said the government agency’s credit support to MSMEs through ORIX Metro should expand and improve services in key industries, such as energy, transport, and agriculture.
Newfound alliance
“We, at ORIX Metro, are excited to nurture and strengthen this newfound alliance going forward, and we look forward to a collaborative and mutually beneficial, responsive partnership with PHILGUARANTEE,” ORIX Metro president Angelo Padua said.
As of 31 October, PHILGUARANTEE has registered a total of P8.14 Billion in gross loans benefitting 45,846 MSMEs. Some, or 7.48 percent of these enterprises are engaged in manufacturing.
The Department of Trade and Industry reported the country has over 1.2 million MSMEs, which comprise 99.63 percent of all its businesses, lending firms can support.
Through its growing partnership with financial firms, Pascual said PHILGUARANTEE has accumulated a total comprehensive income of P2.23 billion.
He added that PHILGUARANTEE recently received a 97.37 percent performance scorecard from the Governance Commission for Government-Owned and Controlled Corporations for achieving targets and continued practice of transparency and international governance standards.
