Wednesday, February 21, 2007
The new Bangko Sentral ng Pilipinas electronic rediscounting facility is expected to boost the level of competitiveness of the country’s small and medium-scale enterprise (SME) sector.
Plantersbank president Maria Flordelis F. Aguenza welcomed the innovation and said it will add greater efficiency by simplifying and centralizing loan processing and payment procedures. This will benefit the bank’s SME client base nationwide, she added.
As a pilot subscriber of the new internet-based service, Plantersbank will be able to conduct real-time rediscounting transactions and inquiries with the BSP.
The BSP electronic facility will ensure the immediate availability and faster delivery of credit to SMEs, especially those in the countryside, according to Mrs. Aguenza.
New BSP internet facility to boost SME competitiveness.
SMEs are a significant part of the Philippine economy. Comprising nine out of 10 businesses, SMEs employ more than half of the Philippine labor force and generate substantial foreign currency earnings from exports like processed food, high value aquamarine and agricultural products, upscale home furnishings and jewelry.