MSMEs provide more employment – BSP
Written by RAADEE S. SAUSA
The Bangko Sentral ng Pilipinas (BSP) cited that the micro, small and
medium enterprises (MSMEs) provides great employment opportunities.
"And if we are to raise our national economic vantage point and take
advantage of the momentum coming into 2013, thrift banks need to
consider lending more to this economic segment [MSMEs]," BSP Governor
Amando Tetangco Jr. said on Wednesday during the Chamber of Thrift Banks
(CTB) Annual Convention.
"I say this because MSMEs provide great employment opportunities. A
healthier MSME sector will help ensure our economic growth is
broad-based and inclusive," he added.
Tetangco said that thrift banks, however, must not just lend more in
terms of nominal amounts. The challenge to the industry really is to
ensure that such lending continuously creates further opportunities.
Meanwhile, Tetangco challenge the CTB to further improve credit
underwriting standards for real estate and consumer loans and raise
vantage point by looking at its processes with the lens of financial
stability; interact with its clients and raise vantage point by
enhancing practices with the heart of consumer protection and financial
education, and increase lending to MSMEs and raise vantage point by
lending with the mind to create greater value.
"But much more can be done," he said.
"It is never an easy task to move forward . . . but rest assured that
the BSP will be with you as we take that journey together into broader
horizons," Tetangco said.
