Microfinance deposit ceiling raised
By Julito G. Rada | Posted on Apr. 23, 2013 at 12:00am | 212 views
The Bangko Sentral raised the ceiling on microfinance deposits to give
local banks flexibility to serve low-income earners in the country.
"We increased the ceiling on microfinance deposits from P15,000 to
P40,000… The move is related to [efforts to achieve] financial
inclusion. The move gives MBOs [micro banking offices] greater
flexibility to service the deposit transaction requirements of
low-income earners," Bangko Sentral Deputy Governor Nestor Espenilla Jr.
told reporters.
"Micro deposits can be transacted in MBOs [micro banking offices].
People are saving more and they want to deal with MBOs, which are
accessible to them," he said, adding that many rural and thrift banks
have MBOs.
The regulator earlier allowed rural and thrift banks to establish MBOs
in cities and municipalities where microfinance-oriented banking
services are unavailable.
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