PHILIPPINE Guarantee Corp.’s (PhilGuarantee) cumulative guarantee portfolio reached P236.98 billion as of end-2023, the Department of Finance (DOF) said in a statement yesterday.
The said amount is 28.82 percent higher versus the previous year’s level.
According to the DOF, this has benefited socialized/low-cost housing; micro, small and medium enterprises (MSMEs); and small farmers and fisherfolk, including those of the managed funds under the corporation.
The guarantee support served a cumulative total of 426,378 beneficiaries last year, 27 percent higher compared to 2022.
“This robust performance is a testament to our country’s strong credit guarantee system,” Finance Secretary Ralph Recto said.
PhilGuarantee is a government-owned and controlled corporation resulting from the merger and consolidation of five Philippine guarantee programs and agencies (PGPAs) under Executive Order No. 58, Series of 2018.
An attached agency of the DOF, its core mandate is to provide credit guarantees, enabling easier loan access to support trade and investments, exports, infrastructure, energy, tourism, agricultural business/modernization, housing, MSMEs and other priority sectors of the economy.
The corporation’s partner lending institutions also rose to 152 in 2023 from 131 in 2022, demonstrating stronger capital mobilization through the efficient use of guarantee facilities.
Meanwhile, PhilGuarantee’s financial performance continued to be robust, recording a historic high total revenue of P5.32 billion in 2023, a 103 percent increase from the previous year.
These revenues were collected from guarantee fees and premiums, commitment fees and the sales and/or rental of real estate assets.
