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Banks ‘seriously’ looking at lending to small businesses

Banks can help the economy recover from the coronavirus disease 2019 (Covid-19) pandemic by boosting efforts in extending loans to micro, small and medium enterprises (MSMEs), the Bankers Association of the Philippines (BAP) said. BAP President Cezar Consing said that loans from MSMEs only comprise a relatively small portion of the banking system but can aid a bigger part of the economy as MSMEs takes up 60% of the country’s employment. With this, the BAP lauded the recent move of the Bangko Sentral ng Pilipinas (BSP) or central bank to ease the financial burden on loans granted to MSMEs.