Bank to increase lending to micro firms

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    BPI Direct BanKo (BanKo) eyes to increase its lending by P1 billion to micro enterprises this year to P7 billion from P6 billion in 2020, according to Rod Mabiasen senior vice-president of BPI Direct BanKo

    At the “Lending Solutions for MSMEs Webinar Series” of the Philippine Chamber of Commerce and Industry last week, Mabiasen said lending last year continued despite the pandemic.

    Mabiasen said to help micro entrepreneurs, BanKo set up a rehabilitation fund for existing clients with existing loans to enable them to get additional financing to reopen their businesses.

    BanKo also offered term extension program or loan restructuring, grace period. It also extended the repayment to make it more affordable.

    BanKo has over 100,000 active borrowers.

    According to Mabiasen, BanKo targets to extend financing to 2.5 million households with P15,000 and above monthly income. That is half of the estimated five million households doing micro business.

    BanKo is a formal loan financing for micro enterprises that offers easy and fast release for minimum collateral-free loan amount of P25,000 up to P150,000.