links: http://www.sbgfc.org.ph/index.php?option=com_content&view=article&id=111:government-sme-lending-reaches-p304-billion-in-2012&catid=19:sb-latest-news
Government
owned financial institutions (GFIs) has released a total of P30.4
billion under the Access of Small Enterprises to Sound Lending
Opportunities (ASENSO) program in 2012. The ASENSO program is a
revitalized government led MSME financing program which builds on the
gains of the previous SME Unified Lending Opportunities for National
Growth (SULONG) initiative.Dubbed as the government’s flagship program for the micro, small and medium enterprise sector, ASENSO has released a total of P272.6 billion since its inception as SULONG in 2004. The amount was released to 325,132 small and medium enterprises and has helped sustain employment for 3.9 million Filipinos.
ASENSO is an initiative of nine government financial institutions (GFIs) and three line agencies aimed at creating a lending environment that is SME-friendly. These agencies are the Department of Trade and Industry (DTI), Department of Social Welfare and Development (DSWD), Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), Small Business Corporation (SBC), People’s Credit and Finance Corporation (PCFC), National Livelihood Development Corporation (NLDC), Philippine Export-Import Credit Agency (PhilEXIM), Government Service Insurance System (GSIS), Social Security System (SSS), Quedan and Rural Credit Guarantee Corporation (QUEDANCOR) and the National Anti-Poverty Commission (NAPC).
Under the said program, government financial institutions extend loans to micro and small and medium enterprises providing them with manageable terms to help them expand and grow their businesses.
For 2012, LBP led the GFIs with a total of P23.3 billion loans released, followed by DBP with P3.3 billion in loans. Other Sulong GFI’s are SB Corp with total releases of P2.0 billion, NLDC with P736 million, QUEDANCOR with P385 million, PhilExim with P346 million and SSS with P354 million in retail and wholesale loans to SMEs.
“Loans made available under the ASENSO Program empower SMEs as entities that make significant contributions to the Philippine economy. The journey was not smooth and the challenges were many but at the end of the day and when the numbers add up, the success made through the years is still modest. Through ASENSO we hope to provide an example to the private banking sector on approaches to MSME lending and possibly influence them to increase their lending ratios to levels higher than what is mandated by law,” Benel P. Lagua, SB Corp president and ASENSO finance committee chair concluded.
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