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SOURCE OF FUNDS. Loans extended by pawnshops rise especially during the pandemic since the industry serves as an immediate source of funds for borrowers. The Bangko Sentral ng Pilipinas said pawnshop loans rose by PHP4 billion in 2021. (Photo from BSP) MANILA - Loans provided by pawnshops increased year-on-year by PHP4 billion in 2021 as more people needed immediate fund augmentation during the pandemic. In a virtual briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Financial Supervision Department 9 Director Dindo Santos said their survey among major pawnshops shows a growth in pledge loans or "sangla" in recent months. "Moreover, based on the business model of pawning, this serves as an immediate source of funds for individuals. And as we all know, this is used for consumption purposes such as basic needs, for food, education, health, clothing, and shelter," he said. During the same briefing, BSP Governor Benjamin Diokno said pawnshops' assets reached PH

Benjamin dioknoBangko sentralDindo santosFinancial supervision departmentSource of funds loans extended by pawnshops rise especially during the pandemic since industry serves as an immediate for borrowers bangko sentral ng pilipinas said pawnshop rose php4 billion in 2021 photo from bsp manila provided increased year on more people needed fund augmentation ina virtual briefing thursdayAngko sentral ng pilipinas bsp financial supervision department 9 director dindo santos said their survey among major pawnshops showsa growth in pledge loans or quot sangla recent months moreoverAsed on the business model of pawningHis serves as an immediate source of funds for individuals and we all knowHis is used for consumption purposes such as basic needsFor foodNd shelterUot he said during the same briefingSp governor benjamin diokno said pawnshops 39 assets reached php96 9 billion by end 20217 percent up from the previous year 39s php92 5 billion diokno said pledge loans grew by 2 on to php54 during same period he added industry capital increased 6 in 2021 and quot remains adequate support risk taking activities profitability alsoIth the 2021 earnings amounting to php3 9 billion and liquid assets accounting for 22 percent of industry total dateHe pawnshop industry 39s total network size reached 15