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Saturday, May 18, 2024

BPI upbeat on loans to small enterprises

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Bank of the Philippine Islands, the third-largest lender in terms of assets, is expecting loans to small and medium enterprises to increase with the launch of new products and programs designed to help this segment amid the challenging business environment.

“We want to expand our reach… Before the COVID, our share [in SME loans] was 10 percent of the market…,” Dominique Ocliasa, head of BPI Business Banking, said in an online briefing on Tuesday. He said the number might increase to around 14 to 15 percent.

Ocliasa said while Filipino SMEs were seen as important drivers of the country’s economic growth, they tended to be more vulnerable to market headwinds and volatility, as well as industry disruption and competition.

“With our latest BPI Business Banking offerings, we are giving them a helping hand by providing convenient and simple financing solutions, as well as relevant advice and assistance throughout their journey to help execute their ideas, overcome their problems, and strive for bigger achievements,” Ocliasa said.

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