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Saturday, November 19, 2005
LBP loan assistance to SMEs reaches P17B
LAND Bank of the Philippines (LBP) vice president and Davao region head Joselito Gutierrez said the bank, as one of the prime mover of government's lending institution in the country, has been extending financial assistance to small and medium entrepreneurs (SME) in consonance with President Gloria Macapagal-Arroyo's 10-point reform agenda in job generation and poverty alleviation.
LBPs loan assistance to SMEs and micro-enterprises throughout the country reached P17.2 billion last year (2004), which is a four percent higher than the P16.6 billion in 2003.
The loans reached more than 14,000 beneficiaries nationwide, with P14.3 billion extended to SMEs and P2.9 billion to micro-enterprises, which resulted to more job opportunities.
These loans were coursed through participating financial institutions and other partners of government's lending bank such as the Philippine Business for Social Progress and the People's Credit and Finance Corp.
LBP has sustained its expansion in loans to SMEs and micro-enterprises over the past five years.
The bank is currently the single largest lender to SMEs and micro-enterprises, which the Arroyo administration considers its priority sectors.
The loans have assisted various enterprises in all regions of the country. In Davao region, LBP have total loan releases of about P3.463 billion in 2004.
For Bisaya stories from Davao. Click here. (November 19, 2005 issue)
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