After 2 years, BPI microfinance subsidiary records P3.3-B loan, reaches 45,240 SEMEs
BPI Direct BanKo Inc., the microfinance subsidiary of Bank of the Philippine Islands (BPI), said it has helped 45,240 micro-entrepreneurs with P3.3 billion worth of microenterprise loans in just two years.
Jerome R. Minglana, BanKo president, was quoted in a statement as saying the savings bank has expanded aggressively since 2017, growing its network of branches to 200 as of end-2018 to help small entrepreneurs, particularly the self-employed microentrepreneur (SEME).
Minglana during the celebration of the lender’s 200th branch in Los Baños, Laguna, said he considers their loans as “very meaningful for these small businesses and grassroots communities.”
“We continue to strengthen our commitment to the SEME market by providing them with better financial options that best fit their needs,” he added.
Today, BanKo covers key provincial areas such as Tuguegarao, Masbate, San Carlos City and Koronadal where unbanked SEMEs could benefit from BanKo’s loans.
BanKo promotes financial inclusion by granting access to easy, convenient and affordable loan products to fund the operations and grow the businesses of SEMEs. This helps create a positive impact on the quality of lives of these small entrepreneurs.
Minglana said Los Baños is a good example of a place where BanKo can make a positive impact on the community.
“Known to be a top tourist destination and home to an array of springs and resorts, Los Baños, Laguna, is considered to be a key zone as it captures a large number of SEMEs,” he said.
In the 2017 BSP Financial Inclusion Survey, 52.8 million adults (15 years old and above) out of 68.6 million adults are unbanked, or don’t have deposit accounts.