New BSP chief wants loans to flow to credit-starved entrepreneurs

The new governor of the Bangko Sentral ng Pilipinas(BSP) on Fridaywants financial institutions to make more loans available to credit-starved small entrepreneurs whose businesses are the pillar of growth for the local economy.

 

In a speech in Makati City, BSP Governor Nestor Espenilla Jr. assailed the lack of risk appetite among banks for granting loans to more micro, small and medium enterprises (MSMEs), which he blamed on the “asymmetric” distribution of information about these would-be borrowers.

 

The country’s top banking regulator told a gathering of credit managers that the’ MSME sector accounts for 99.5 percent of the country’s total establishments and …

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