MSMEs to benefit from

all Trade department- registered businesses.

“The law enables access to credit as it allows movable assets to become eligible collateral for purposes of loan applications, addressing the lack of real property of many MSMEs,” it noted

The IRO also quoted Finance Secretary Carlos Dominguez 3rd as having said that the law, which was signed in August, was in keeping with the government’s goal of sustaining the country’s growth - cial inclusion.

“Its effective implementation will mark a big leap to sustainable, robust, and a truly inclusive economic growth. It will help the Duterte administration grow the middle

transform the country into an upper middle-income economy by 2022,” Dominguez said.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier, meanwhile, said the central

bank was pleased to witness significant milestones for more inclusive economic growth.

“The BSP strongly supports game-changing reforms in the area of credit access and shall continue to provide an enabling regulatory environment for businesses, especially MSMEs, to flourish,” she said.

The IRO noted that the International Finance Corp. had also lauded law with country manager Yuan Xu having said: “We have reached a great milestone to pro-

with the passing of the Personal Property Security Act.”