By: Michelle V. Remo
Philippine Daily Inquirer
12:12 am | Thursday, March 22nd, 2012
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. has urged
thrift banks to lend more to micro, small and medium enterprises
(MSMEs), stressing the crucial role of banks in helping achieve the
country's poverty reduction and economic development goals.
In a speech during the annual convention of the Chamber of Thrift Banks
(CTB), Tetangco said the resources of thrift banks had been growing,
fueled by increasing deposits from the public.
Given this, he said, the thrift banking sector had the ability to
further accelerate growth in lending.
"The resources of thrift banks—deposits, loans and capital—have all
grown substantially. Thrift banks can help more deserving MSMEs,"
Tetangco said.
He stressed the importance of MSMEs in economic development, saying they
accounted for the bulk of employment in the country.
Government estimates show that MSMEs employ about 70 percent of the
labor force in the country.
"The MSME sector provides employment for most Filipinos; it is, in fact,
the backbone of our economy. This is where members of CTB can make a lot
of difference in terms of moving our economy forward," Tetangco said.
Data from the BSP showed that as of September 2011, there were 70
players in the country's thrift banking industry with 1,394 head offices
and branches.
Outstanding loans from thrift banks stood at P367.89 billion as of the
same period, up by nearly 7 percent from P344.58 billion in the same
period in 2010.
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