In photo (L-R): Mr. Alberto E. Pascual – Philippine Guarantee President and CEO, Mr. Lawrence Y. Ferrer – Bayad President and CEO, Mr. Francispito P. Quevedo – Bayad Senior Vice President and Chief Operating Officer, and Mr. Rafael P. Delos Santos – Philippine Guarantee SVP and Gr
MANILA - State-owned Philippine Guarantee Corporation (PhilGuarantee) has reached nearly PHP3 billion in financing assistance to micro, small and medium enterprises (MSMEs) through its credit guarantee facilities, in line with its key assistance role during the pandemic period that started in 2020. PhilGuarantee president and chief executive officer Alberto Pascual said the agency's credit guarantee portfolio for MSMEs registered a remarkable performance since the pilot implementation of the MSME Credit Guarantee Program (MCGP) in December 2020, with an initial portfolio of PHP207 million. As of March 10, 2022, he said the cumulative releases on the MCGP are currently at PHP2.950 billion, with MSME beneficiaries now at 20,310 entrepreneurs. A total of PHP1.48 billion of these releases were supported by the corporation's credit guarantee facilities to such groups. "The growth in the MSME credit guarantee portfolio, with the support of 18 banks in the country, represented mo
Over 20,000 entrepreneurs have received financing assistance from the Philippine Guarantee Corporation (PhilGuarantee) as of March, the Department of Finance (DOF) reported on Monday. The DOF said the cumulative releases for micro, small and medium enterprises (MSMEs) reached P2.95 billion as of March 10 this year. The assistance benefited 20,310…
By Malou Talosig-BartolomePARTIDO Demokratiko-Sosyalista ng Pilipinas standard-bearer Norberto Gonzales said the Philippines should draw lessons from the Russian invasion of Ukraine on managing tension in the West Philippine Sea.Gonzales observed that Russian forces slowed down their advancement into Ukraine last week after seeing Ukrainian civilians also fighting alongside their military forces.A day after Russian troops invaded the…
MANILA - President Rodrigo Duterte has signed an executive order (EO) adjusting the dividend rate of the Philippine Guarantee Corporation (PHILGUARANTEE). EO No. 153, signed by Duterte on Monday, adjusts the dividend rate of PHILGUARANTEE to zero percent of its annual net earnings from 50 percent following the recommendation of Finance Secretary Carlos Dominguez. "Pursuant to Section 5 of RA [Republic Act] No. 7656, the percentage of net earnings to be declared and remitted by the PHILGUARANTEE to the National Government for CYs [calendar years] 2019 and 2020 is adjusted from 50 percent of its annual net earnings to zero percent," the EO read. The adjusted dividend rate set forth in Section 1 of this Order is only applicable to PHILGUARANTEE for calendar years 2019 and 2020. RA No. 7656 requires all government-owned or -controlled corporations (GOCCs) to declare and remit at least 50 percent of their annual net earnings as cash, stock, or property dividends to the National Go