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Manila Bulletin devider Philippines devider Gibo urges gov't to ease requirements, processes for MSME loans

Gibo urges gov't to ease requirements, processes for MSME loans

Published Mar 28, 2022 01:18 pm

Senatorial candidate Gilbert “Gibo” Teodoro on Monday said the government should ease the requirements and processes for micro, small and medium enterprises (MSMEs) that seek loans in state-owned banks such as the Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP)

Teodoro, a former Tarlac congressman, noted it has been challenging for MSMEs to avail of loans due to the cumbersome requirements and processes imposed by the government.

The former defense secretary said the difficult processes has discouraged many small-scale businesses to seek loan financing from government financial institutions.

“Aside from lower interest rates, it is best if our state-owned banks will be able to streamline the requirements and lending processes, especially for MSMEs that were heavily affected by the pandemic,” Teodoro said.

Teodoro pointed out that the Department of Trade and Industry’s (DTI) Small Business Corp., was able to cut interest rate of up to zero and relax the requirements for MSME borrowers for its Covid-19 Assistance to Restart Enterprises (CARES) program.

SBC is the financing arm of the DTI. Teodoro, who is seeking a Senate seat in the upcoming May 2022 elections, said he believes the same program can be adopted by government banks.

“Our MSMEs have been struggling a lot during the pandemic. Relaxing the lending rules for them will help them recover their livelihood and regenerate jobs that were lost during the pandemic,” he said.

Related Tags

Business Loan MSME development bank of the Philippines LandBank Gilbert Teodoro
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