NEWS WIRE: The Philippines: Microfinance Institutions Embrace Ratings

Source: BusinessWorld (The Philippines).

The following free preview is available online, BusinessWorld charges a fee for the full article.

MANILA, June 5 – LOCAL MICROFINANCE institutions have started to submit themselves to assessment by international rating firms in a bid to improve operations and attract investments from abroad.

For Joseph Omar O. Andaya, president and chairman of the Rural Green Bank of Caraga, having his bank rated by Milan-based Microfinanza Rating not only opened doors to a million-peso loan, it also helped him see where his bank was weak.

Negotiations are now ongoing with BlueOrchard Microfinance Investment Managers, a fund based in Switzerland, for a loan of as high as P400 million, a quarter of the bank’s P1.6-billion loan portfolio.

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