The Small Business Corporation (SBCorp) said it had exceeded its target revenues for 2024, expecting to hit more than P1 billion over and above its P900 million target.
This, according to the SBCorp, was a result of key initiatives in servicing lenders, particularly micro, small, and medium enterprises (MSMEs).
At the sidelines of the launch of two new loan programs for MSMEs on Friday in Makati City, SBCorp president and CEO Robert Bastillo told reporters that they are expecting revenues reaped for 2024 to exceed more than P1 billion.
“Our target was P900 million, but we have breached the P1 billion mark. That’s only preliminary because that will be confirmed first by the CoA (Commission on Audit). Also, we surpassed our loan portfolio or the total amount of disbursed loans for 2024. The target for 2024 was P16.3 billion, and the actual total amount disbursed was P16.7 billion,” Bastillo said.
Further, he said SBCorp’s net operating income last year stood at about P431.1 million, surpassing almost double its objective of P230 million for 2024.
Concerning the MSMEs served with its various loans, Bastillo disclosed that SB Corp also surpassed its target of 59,000 to 61,000 this year.
“We aim to service 71,000 lenders for this year,” he added.
“These milestones reflect the government’s commitment to level up the MSME Sector and make them the real drivers of the Philippine economy,” DTI Secretary Ma. Cristina Roque, who chairs SB Corp. said.
Further, Roque said that by digitizing and improving SBCorp lending processes, enhancing operational efficiency, and prioritizing customer experience, the company has delivered record-breaking results “while remaining steadfast in our mission to support MSMEs.”
SBCorp credits its performance to several key initiatives, including streamlined and faster loan application and approval processes, ensuring government funds are disbursed efficiently, governance standards that align with transparency, accountability, and strategic execution, and commitment to financing 100 percent of all approved loan applications — a move that has significantly bolstered MSMEs, particularly in underserved and marginalized communities.
“We have weathered the storm of the pandemic, much like the MSMEs that we have assisted,” Bastillo said.
“The corporate losses of the past few years were largely due to SBCorp’s countercyclical role in the Philippine Financial System and prudent provisioning for the mandated Covid-related accounts. However, we believe that the corporation’s performance in 2024 signals a new chapter of growth and financial sustainability,” he added.
For her part, Roque also noted that “our goal is not just to grow revenues but to make a meaningful impact. By empowering MSMEs, we create jobs, and we empower the communities and industries that drive our nation’s progress.”