PH ranks 3rd among microfinance leaders
In a report published by The Economist Intelligence Unit, the Philippines ranked third among 55 countries in terms of opportunities for financial inclusion with its total score of 81 over 100.
Image grabbed from eiu.com
The Global Microscope 2015: The Enabling Environment for Financial Inclusion report assessed the regulatory environment for financial inclusion across 12 indicators and 55 countries.
The 12 indicators include government support for financial inclusion, regulatory and supervisory capacity for financial inclusion, prudential regulation, regulation and supervision of credit portfolios, regulation and supervision of deposit-taking activities, regulation of insurance for low-income populations, regulation and supervision of branches and agents, requirements for non-regulated lenders, regulation of electronic payments, credit reporting systems, market conduct rules, and grievance redress and operation of dispute and resolution mechanisms.
Image grabbed from eiu.com
In 2014, the Philippines also ranked third with the score of 79 following Colombia (2nd) and Peru (1st) according to The Global Microscope 2014: The Enabling Environment for Financial Inclusion report.
Philippine Star reported that according to Banko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr., microfinance loans amounted to P11.7 billion as of end-June this year, almost five times the 2002 level of P2.6 billion.
He added that, since 2000, the central bank has been nurturing a policy environment that enables the delivery of commercially sustainable microfinance in the banking sector.
Source: The Economist Intelligence Unit, The Global Microscope 2014: The Enabling Environment for Financial Inclusion, Philippine Star
