BPI Direct BanKo, the micro-financing conduit of Bank of Philippine Islands, is allocating another P7 billion in financing for small entrepreneurs affected by the pandemic.
BanKo senior vice-president Rod Mabiasen said during the “Lending Solutions for MSMEs Webinar Series” that the bank decided to optimize lending to “micropreneurs.”.The webinar was organized by the Philippine Chamber of Commerce and Industry.
“This means small entrepreneurs were given more push with about P7 billion of financial support available this year to help them recover from the impact of the pandemic,” he said.
BanKo provides financing from P25,000 to P150,000, all collateral-free, to micro and small enterprises. With the pandemic, it scaled-down expansion, but increased its loan portfolio to P7 billion to accommodate more entrepreneurs.
The bank is weighing plans to add five branches this year.