The country’s monetary regulator wants to strengthen rural banks and empower them to better finance the needs of the neglected agriculture sector as well as those of small firms that are unable to obtain loans from larger lenders.
In an online briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the agency’s Rural Banking Industry Strengthening Program (RBSP) aimed to develop initiatives to enhance the rural banking industry’s ability to provide financial services to the agriculture sector and micro, small and medium enterprises (MSMEs). “The RBSP is aimed at improving rural banks’ operations, capacity and competitiveness amid evolving challenges in the banking in…
Keep on reading: BSP wants rural banks to focus on agri, MSME lending