Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has lessened credit regulations for bank loans in the agriculture and microfinance sectors. According to the Governor of the BSP, Amando Tetangco Jr., there are two specific measures that the BSP has adopted. First, the BSP has created the Micro-Agri Loan Product (MAP), agricultural bank loans formerly governed by rules for regular loans which now fall under the requirements for microfinance loans. Secondly, non-bank microfinance institutions (MFIs) will now be considered, within the Filipino banking system, as small enterprises.
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