End-March state-backed loans to MSMEs surge by sevenfold
May 6, 2021 | 12:06 am
GUARANTEED LOANS to small businesses climbed as of March as Philguarantee Corp. received more funds, the Finance department said. BW FILE PHOTO
STATE-RUN Philippine Guarantee Corp. (Philguarantee) saw its guaranteed loans to micro, small and medium enterprises (MSMEs) surge by sevenfold as of March from the end-2020 level after receiving the P5 billion in additional funds from the government’s second stimulus package.
The Department of Finance (DoF) reported on Wednesday that Philguarantee’s overall guaranteed loans to MSMEs jumped by 612% to P1.47 billion as of March from P207 million in December 2020. The statement quoted a report from the state-run firm’s president and CEO Alberto E. Pascual.
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