MANILA, Philippines—The Philippines’ small entrepreneurs, though employing at least a third of the country’s total workforce, account for less than a tenth of transactions in the banking industry and even less in terms of actual funds lent out, according to the head of the central bank.
This, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, showed a critical need for centralized credit risk database to improve access by micro, small and medium enterprises (MSMEs) to bank loans they need to support operations and grow.
On Thursday (Dec. 10), the central bank launched the Credit Risk Database project, which is a joint initiative of BSP and Japan International Cooper…
Keep on reading: BSP, Jica launch credit database to help small firms acquire bank loans