BPI Direct BanKo loan disbursements hit P13 billion

MANILA, Philippines — The microfinance arm of Ayala-led Bank of the Philippine Islands (BPI) is helping clients particularly micro, small and medium enterprises (MSMEs) survive the coronavirus disease 2019 or COVID-19 pandemic.

BPI Direct BanKo is offering the loan rehabilitation fund and term extension programs to help micro entrepreneur clients.

“Our clients need our support now more than ever. As their partner, we are here to help them revive their businesses for the sake of their families amid these trying times,” said Rod Mabiasen, head of financial inclusion and microfinance loans at BanKo.

BanKo has released P12.9 billion to over 120,000 clients since its inception in 2017.

However, around 62 percent of its clients had to temporarily stop their operations for over two months after the entire Luzon was placed under enhanced community quarantine to prevent further spread of the deadly COVID-19.

These self-employed micro-entrepreneurs started to reopen their businesses after the National Capital Region shifted to general community quarantine in June. They are now facing new challenges such as lack of working capital, restricted supply sources, and for some, lower demand.

To support clients who are finding it difficult to restart due to depleted cash, BanKo is offering the loan rehabilitation fund program allowing existing borrowers to take out another loan to support their businesses.