Bangko Sentral ng Pilipinas (BSP), the Filipino central bank, reportedly has announced that microfinance borrowing in the country has increased from PHP 6.5 billion (USD 151.7 million) in 2010 to PHP 7.3 billion (USD 170.3 million) as of November 2011. This includes data from 202 microfinance institutions in the country, mostly based in and around the Manila metropolitan area.The total number of borrowers at these institutions has increased from 932,622 in 2010 to 979,353.
In contrast, according to the 92 microlenders reporting to the US-based nonprofit MIX (Microfinance Information Exchange), microfinance borrowing totaled PHP 27 billion in 2010 with around 3 million active borrowers [2].
BSP notes that an estimated 37 percent of all local municipalities still lack access to financial services. The Philippines has a population of approximately 94 million. Approximately 32 percent of the population lives under the poverty line [3].
About Bangko Sentral ng Pilipinas (BSP): BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the country’s central monetary authority.
Sources and Additional Resources:
[1] Manila Bulletin Publishing Corporation, November 1, 2011, “Microfinance borrowings total P7.3B,”http://www.mb.com.ph/articles/339664/microfinance-borrowings-total-p73b
[2] MIX Market Philippines, November 7, 2011, “MFIs in Philippines,” http://mixmarket.org/mfi/country/Philippines
[3] CIA Factbook, “Philippines,” https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “Land Titling and Microcredit in Cambodia: Examining the Reality of Hernando de Soto’s ‘Three Steps to Heaven,’” by Milford Bateman
- MICROCAPITAL BRIEF: Non-performing Loan (NPL) Ratios Up Among Microfinance Providers in Bangladesh
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
- MICROFINANCE PAPER WRAP-UP: “Green Energy Finance and Gender Disparity: The Case of Mountain Areas in Bangladesh,” by Sakib Bin Amin et al, Published by Copenhagen Business School
- MICROCAPITAL BRIEF: Baobab+, TradeLenda Partner on Solar Energy Solutions for SMEs in Nigeria
