The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has adopted new rules making it easier for small farmers to obtain microloans from banks [1,2].Now, small farmers can receive agri-loans of less than PHP 150,000, the equivalent of USD 3,225, based on a group guarantee instead of traditional collateral [1]. Additionally, application procedures have been simplified, and documentation requirements have been eased [1]. To be eligible for these loans, potential borrowers must have farmed for at least two years and have an additional source of income outside of agriculture [1]. The loans will be short-term and have a frequent repayment schedule, but will allow for a lump sum payment of up to 40 percent to account for the seasonal nature of the agricultural industry [1].
By Christopher Maggio, Research Assistant
About:
Bangko Sentral ng Pilipinas (BSP)
Overview:
Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines.
Description:
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, cash administration and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.
Organization’s Website:
http://www.bsp.gov.ph/index.asp
Contact Information
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate Manila, Philippines 1004
Tel. No. : +632 524.70.11
Fax No. : +632 523.62.10
E-mail: bspmail@bsp.gov.ph
MicroCapital’s Microfinance Universe profile: BSP
Bibliography:
[1] Philstar article entitled ‘BSP eases rules on micro-agri lending’: http://www.philstar.com/Article.aspx?articleId=545253&publicationSubCategoryId=66
[2] BSP: http://www.bsp.gov.ph/
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