Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Thursday the pawnshop industry played a key role during the COVID-19 pandemic by serving as access points for the distribution of government cash aids and by providing needed loans and financial services to Filipinos.
“The pawnshop industry fosters economic activity by providing financial services in areas where these are most needed,” Diokno said in an online briefing Thursday.
“With their presence in 1,338 out of 1,634 cities and municipalities nationwide, pawnshops are major financial service access points for individuals, small businesses, and social amelioration beneficiaries during the health crisis. Their network and clientele also highlight their role in financial inclusion,” he said.
Data showed that as of end-July, the industry had a network of 14,416 head offices and branches nationwide. The figure exceeded the combined 12,913 network of universal, commercial, thrift, rural and cooperative banks
