Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has convened a “National Microfinance Stakeholders Summit” bringing together approximately 300 microfinance industry players including policymakers, regulators, microfinance institution representatives, donors and investors with the purpose of encouraging a greater commitment to microfinance and financial inclusion [1].
The event also celebrated the ranking of the Philippines as having the best overall regulatory environment for microfinance, Peru was ranked as the country that is “most friendly to microfinance businesses” for the third year in a row, followed by the Philippines in second place and Bolivia in third place [2]. The Economist Intelligence Unit (EIU), the business information arm of the UK-based Economist magazine, released its Global Microscope on the Microfinance Business Environment 2010 survey in October 2010 [3]. The Global Microscope on the Microfinance Business Environment 2010 was based on data from 54 countries, measuring their level of regulatory framework, investment climate and institutional development.
The microfinance institutions in the Philippines reporting data for 2009 to the Microfinance Information Exchange (MIX) have total assets of USD 801 million, an aggregate loan portfolio of USD 548 million and 2.7 million active borrowers.
By: Alexandra Pattee, Research Associate
About Bangko Sentral ng Pilipinas (BSP): Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established in July 1993 under the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993, BSP took over from the Central Bank of Philippines as the country’s central monetary authority. Headquartered in Manila, BSP has three regional offices performing cash operations and cash administration and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.
Sources and Resources:
[1] Malaya Business Insight, “PH Microfinance Cited as Best in the World”, http://www.malaya.com.ph/may02/bank1.html
[2] Economist Intelligence Unit: The Global microscope on the microfinance business environment 2010 index: http://www.eiu.com/site_info.asp?info_name=global_microscope_2010&page=noads
[3] MicroCapital.org Article, October 10, 2010, “Peru Remains on Top of “Global Microscope on the Microfinance Business Environment 2010″ Survey by the Economist Intelligence Unit”, https://www.microcapital.org/microcapital-brief-peru-remains-on-top-of-global-microscope-on-the-microfinance-business-environment-2010-survey-by-the-economist-intelligence-unit/
MicroCapital.org Article, March 30, 2011, “Bangko Sentral ng Pilipinas (BSP) to Allow Only “Trained and Documented “Financial Institutions to Offer Microinsurance in the Philippines”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-to-allow-only-?trained-and-documented?-financial-institutions-to-offer-microinsurance-in-the-philippines/
MicroCapital.org Article, March 1, 2011, “Bangko Sentral ng Pilipinas (BSP) Study Indicates High Density, Advanced Technology, Larger Profits in Philippine Banking Sector”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-study-indicates-high-density-advanced-technology-larger-profits-in-philippine-banking-sector/
MicroCapital.org Article, October 19, 2010, “Bangko Sentral ng Pilipinas (BSP) Approves Establishment of Microfinance Institutions in Underserved Areas of the Philippines”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-approves-establishment-of-microfinance-institutions-in-underserved-areas-of-the-philippines/
MicroCapital.org Article, June 29, 2010, “Central Bank of the Philippines (BSP) Approves Increase in Ceiling for Micro Housing Loans for Rural Bankers? Association of the Philippines (RBAP)”, https://www.microcapital.org/microcapital-brief-central-bank-of-the-philippines-bsp-approves-increase-in-ceiling-for-micro-housing-loans-for-rural-bankers?-association-of-the-philippines-rbap/
MicroCapital.org Article, June 15, 2010, “Bangko Sentral ng Pilipinas (BSP) Considering Increase in Microfinance Loan Cap”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-considering-increase-in-microfinance-loan-cap/
MicroCapital.org Article, March 5, 2010, “Economist Intelligence Unit (EIU) Ranks the Philippines “Best” in World in Terms of Microfinance Regulatory Framework”, https://www.microcapital.org/microcapital-brief-economist-intelligence-unit-eiu-ranks-the-philippines-?best?-in-world-in-terms-of-microfinance-regulatory-framework/
MicroCapital’s Microfinance Universe: Bangko Sentral ng Pilipinas (BSP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangko+Sentral+ng+Pilipinas+%28BSP%29%2C
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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