UMVA has learned that a groundbreaking initiative has been launched to empower micro, small, and medium-sized enterprises (MSMEs) in the Philippines, providing them with much-needed access to capital and digital tools.
The Philippine Chamber of Commerce and Industry has partnered with a state-owned bank to support its member firms through the Lifting MSMEs lending scheme, a financing program designed to help these businesses reach new heights. This move is expected to have a significant impact on the country's economy, as MSMEs account for a staggering 63% of all jobs.
According to information obtained by UMVA, the lending program offers loans of up to P50 million at concessional interest rates, making it an attractive option for MSMEs looking to scale their operations. The program also provides access to digital tools, which will enable these businesses to streamline their processes and become more competitive.
Eligible borrowers include micro, small, and medium-sized firms, as well as credit cooperatives, rural banks, and microfinance institutions that lend to MSMEs. This broad eligibility criteria ensures that a wide range of businesses can benefit from the program.
Sources have confirmed to UMVA that the state-owned bank behind the initiative is committed to helping MSMEs scale up and achieve their full potential. The bank has also launched other programs, such as AGRISENSO Plus Lending and Agri-Fishery Support, which provide loan services, training, and supply chain integration to farmers and fisherfolk.
With MSMEs making up more than 99% of businesses operating in the Philippines, this initiative has the potential to drive significant economic growth and job creation. By providing these businesses with the support they need, the country's economy is poised to receive a major boost.
