Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, recently released its 2009 annual report highlighting developments in the Philippine economy and microfinance industry. The report stated that, as of 2009, there were 214 banks with microfinance operations with a total outstanding portfolio of PHP 6.4 billion (USD 143 million). Of these 214 banks, 52 were utilizing mobile banking and more than half of the 90 million population had direct or indirect access to mobile phones.

The report also noted that in 2009 BSP approved new regulations governing housing microfinance and participated in the formulation of a framework for microinsurance.

By Stefanie Rubin, Research Associate

About Bangko Sentral ng Pilipinas (BSP):

Established in July 1993, Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. BSP has three regional offices performing cash operations and cash administration and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.

Additional Resources:

MicroCapital Universe profile: Bangko Sentral ng Pilipinas (BSP)

BSP Annual Report 2009

MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Encourages Banks to Extend Microfinance Housing Loans

MICROCAPITAL BRIEF: ‘Bank of the Philippines Islands Globe Savings Bank’ (BanKo) Begins Microfinance Pilot Testing Using Mobile Money Technology (MMT) with Intention of Becoming a Branchless Bank

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