GCash, through its lending arm Fuse, has disbursed over P155 billion in loans to 5.4 million Filipinos over the last eight years or from 2016 to July this year.
The loans were disbursed mostly to the grassroots sector, namely, sari-sari store owners, public market vendors and farmers.
GCash’s parent company Mynt has expanded Fuse with the launch of GLoan, GCredit revolving credit line, GGives installment loan, GLoan Sakto nano-loan, and Borrow load for as low as a P100 loan.
“We saw GLoan as a lifeline for millions of Filipinos to get by in the aftermath of the pandemic, where there was the increased need for easier access to credit,” said Tony Isidro, Fuse Lending president and chief executive officer.
GCash said 68 percent of GLoan borrowers are women, while one out of three are micro, small and medium enterprises (MSME). GCash said 86 percent of GLoan users are first-time formal borrowers.
These achievements are aligned with the Bangko Sentral ng Pilipinas’ (BSP) National Strategy for Financial Inclusion 2022-2028.
The BSP is targeting a 10 percent percentage share of MSME and agricultural loans by 2028.
GLoan’s entry also came at a time when the total percentage of these sectors’ total loan portfolios had been declining.
In a related development, Globe Telecom, the parent firm of Mynt, has retained its spot in the FTSE4Good Index Series for the ninth consecutive year, underscoring its unwavering commitment to sustainable practices.
Created by the global index and data provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong environmental, social and governance (ESG) practices.
The FTSE4Good indexes are used by a wide variety of market participants to create and assess responsible investment funds and other products.”¯ FTSE Russell evaluations are based on performance in areas such as corporate governance, health & safety, anti-corruption and climate change.
Businesses included in the FTSE4Good Index Series meet a variety of ESG criteria.
“We are dedicated to driving positive change within our organization and the communities we serve. This recognition motivates us to further our efforts and continue being a responsible corporate citizen,” said Yoly Crisanto, chief sustainability and corporate communications officer at Globe.
Globe said it has embedded sustainability into its core operations, starting with identifying its material topics. Through its biennial materiality study, the company is able to prioritize the key concerns of its stakeholders.
