Central bank out to help SMEs in Dinagat
Up-and-coming businesses in Dinagat Islands will have it easier in borrowing from banks.
The Bangko Sentral ng Pilipinas (BSP) has teamed up with the provincial government of Dinagat Islands to put up a credit surety fund (CSF) in the area.
BSP and Dinagat politikos joined forces in September to set up the facility, which is expected to help micro, small, and medium enterprises to get better access to credit by using the CSF as guarantor for their loans.
BSP Monetary Board Member V. Bruce Tolentino and Dinagat Islands Provincial Vice Governor Benglen Ecleo signed the agreement for the Dinagat Islands CSF Cooperative.
This is the 53rd facility of its kind in the Philippines.