Philippines Receives its First Microfinance Loan from Standard Chartered Bank

Philippines receives its first microfinance loans from Standard Chartered Bank. SCB provided the loan to CARD Bank.

Here’s the press release.

Singapore, 10 February 2010 – Standard Chartered provided its first microfinance loan in the Philippines to CARD Bank; one of the largest microfinance institutions (MFIs) in the Philippines, with over 360,000 active borrowers and an asset size of USD 44million.

The PHP75 million (equivalent to USD1.5 million) loan will be used to bolster CARD Bank’s portfolio and branch expansion plans for 2010. This will benefit over 15,000 farmers, rural industries and small enterprises in the Philippines. This milestone transaction is the first MFI loan by Standard Chartered into South East Asia and sees the Bank’s microfinance footprint expand to 22 countries from 21.

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BSP issues guidelines on small housing loans

Poor families that want to build their own homes will have easier time doing so after the Bangko Sentral ng Pilipinas (BSP) approved rules on the extension of housing microfinance loans by banks.

In issuing the circular dated January 6, the central bank said the housing microfinance provision is “seen as a way to improve the living conditions of the enterprising poor and the low-income households, which will contribute to better health, productivity and quality of life.”