BPI Globe Savings Bank raises P26M for small borrowers
By Ted P. Torres (The Philippine Star)
Updated December 22, 2010 12:00 AM
MANILA, Philippines - BPI Globe Savings Bank (BanKO) has raised P26 million for its loan portfolio for microborrowers.
BanKO is a thrift bank that focuses on lending to microentrepreneurs, using mobile banking technology instead of physical branches. It is a joint venture among Bank of the Philippine Islands, Globe Telecom and their parent firm Ayala Corp.
Last Nov.9, BanKO was able to raise over P26 million in the form of pledges from companies allied with the Ayala Group of Companies.
The pledges would earn 4.5 percent in the form of so-called systemic savings with a holding period of six months. Pledges that fall under the classification of special savings deposits would earn three percent. Standard savings interest rates are slightly over one percent.
“While we have already lent out most of the amount, we have also received new pledges,” Teresita B. Tan, BanKO president told The STAR. Tan is also the executive vice president of BPI.
The amount raised was lent to microfinance institutions (MFIs) as wholesale loans which, in turn, were re-lent to microentrepreneurs. MFIs are entities dealing in microfinance such as non-government organizations (NGOs), cooperatives, and rural banks.
“It does not only offer high yields but it also has a strong social impact,” Tan added.
No less than Ayala Corp. chairman and chief executive officer Jaime Augusto Zobel de Ayala led Banko officials to entice subsidiaries and employees to invest in the microfinance-oriented thrift bank to raise additional cash for re-lending to microentrpreneurs.
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CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline: +63495010127 Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com http://phildevfinance.wordpress.com
CONSULTING - http://www.carlosani.com
My Clippings - http://www.myclipps.posterous.com
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