THE Bangko Sentral ng Pilipinas (BSP) on Wednesday said that it had signed a memorandum of understanding with the World Bank Group's International Finance Corp. (IFC) to jointly develop the country's movable asset finance (MAF) market and expand credit access for micro, small and medium enterprises (MSMEs) and the agricultural sector.
THE Bangko Sentral ng Pilipinas on Wednesday said that it had signed a memorandum of understanding with the World Bank Group's International Finance Corp. to jointly develop the country's movable asset finance market and expand credit access for micro, small and medium enterprises and the agricultural sector. The two-year agreement will promote the use of movable assets — such as equipment, inventory and accounts receivable — as collateral for loans.
Es and agri-enterprises can now use their available assets to access financing for their working capital and other needs,' BSP Governor Eli Remolona Jr. said. The initiative is aligned with the country's National Strategy for Financial Inclusion 2022-2028 and the vision to promote inclusive growth and financial resilience, BSP Deputy Governor Bernadette Romulo-Puyat said.
IFC Aim To Expand Credit Access
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