Trade Secretary Ramon Lopez yesterday urged the Bangko Sentral ng Pilipinas (BSP) to issue a ruling to encourage banks to lend.
This is in the wake of reports that buyers of cars are having a hard time getting their loans approved which contributes to sluggish sales.
“That is a reality … we are calling on banks… there is enough liquidity. They can help by easing (their requirements),” Lopez said in a radio interview.
He said the BSP has undertaken steps to boost liquidity amid the pandemic.
For businesses, Lopez continues to encourage businesses to tap the CARES (COVID-19 Assistance to Restart Enterprises) which offers zero interest loans to micro, small and medium enterprises.
He also urged companies to borrow from government finance institutions like Land Bank of the Philippines and the Development Bank of the Philippines for funds which they can use in their business.