“A total of 2,943 new MSME beneficiaries were served under this program, which, as of December 2020, provided guarantees to loans totaling P175.1 million. The number of MSME-beneficiaries is expected to increase in January 2021,” he added.
Besides its coverage of small businesses, PhilGuarantee also continued to provide guarantees to housing loans, agriculture-related lending, as well as electric cooperative borrowings. “In partnership with local government units and cooperatives, [PhilGuarantee] has also supported the credit surety fund which will allow it to invest equity to guarantee cooperative loans,” according to Pascual.
The Department of Budget and Management this month released the national government’s additional P5-billion equity contribution to PhilGuarantee for its programs under the Bayanihan to Recover as One Act. Pascual said PhilGuarantee would relaunch the program extending a maximum guarantee cover of up to P300 million per borrower, including to large enterprises in “critically impacted” industries like trade, transportation, and tourism.Ben O. de Vera
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