Connect with us

Business

BSP inks MoA for MSME improvement

Published

on

Consistent with the aim of uplifting the micro, small and medium enterprise (MSME) space in the country, the Bangko Sentral ng Pilipinas (BSP) signed a memorandum of agreement (MoA) on Monday with the Department of Trade and Industry (DTI), the Microfinance Council of the Philippines and Alliance of Philippine Partners for Enterprise Development Inc. to help boost entrepreneurship among Filipinos.

The MoA seeks to make financial services more accessible to MSME served by so-called Negosyo Centers the DTI operates nationwide.

These are one-stop shops that provide business registration and business development assistance, advisory services and market linkages to MSME.

Data from the Philippine Statistics Authority show only 9.8 percent of business loans are extended to the sector although MSME accounts for 99.6 percent of total establishments and 61.6 percent of total employment in the country.

“The MSME sector is a crucial driver of the economy,” said BSP Governor Nestor Espenilla Jr.

According to Espenilla, “developing, empowering and building the capacities of MSME and including them in the financial system, fuels the foundation of our economy as the engine for broad-based growth.”

Advertisement

LIKE US ON FACEBOOK

Advertisement
Advertisement