BPI arm extends P550 M in loans to entrepreneurs
BPI Direct BanKo opened its 100th branch in Valencia, Bukidnon to cater to the flourishing self-employed micro-entrepreneur segment in Mindanao and intends to open 14 more this year to augment its 19 branches in the region. Photo shows (from left) BPI Direct BanKo head of micro-enterprise loans Rodolfo Mabiasen Jr., BPI Direct BanKo chairman Joseph Albert Gotuaco, Valencia City vice mayor Glen Galario and BPI Direct BanKo president Jerome Minglana.
MANILA, Philippines — The microfinance arm of Ayala-led Bank of the Philippine Islands (BPI) has disbursed P550 million in loans to more than 10,000 self-employed micro-entrepreneurs (SEMEs) nationwide.
Joseph Albert Gotuaco, chairman of BPI Direct BanKo, said they intend to serve 20,000 more SEMEs through the expansion of up to 200 branches nationwide this year.
Out of 103 branches nationwide, BPI Direct BanKo now has 19 branches in Mindanao and would open 14 more in the region this year. It continues to expand its presence in Mindanao to help spur economic growth by supporting the region’s micro and small entrepreneurs.
The institution has already released P190 million worth of loans to 2,800 clients in Mindanao alone since it was launched in July last year.
“The number of businesses in the region continues to rise, and more infrastructure development projects are being implemented to attract more investments. These are perfect ingredients to the success of Mindanao’s economy, and we are honored and excited to be part of the development by supporting the SEMEs in the region,” he said.
Data from the Department of Trade and Industry showed micro, small and medium enterprises make up 99.57 percent of the country’s total number of business establishments, of which about 20 percent or 166,769 are micro-enterprises in Mindanao.
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