State-owned Philippine Guarantee Corporation (PHILGUARANTEE) has signed separate agreements with six banks providing MSME loans. A total of P10.2 Billion of these loans to MSMEs will provide cushion to small businesses affected by the COVID-19 pandemic.
As part of its mandate to support agriculture and promote socioeconomic development in the sector, the Philippine Guarantee Corporation (PhilGuarantee) is able to grant P5.53 billion worth of guarantee lines to its 35 partner lending institutions (PLIs) for the first quarter of the year.
State-owned Philippine Guarantee Corporation (PHILGUARANTEE) has approved a total of PhP37.5 Billion in credit guarantee facilities for 22 accredited banks, as of June 30, 2020. This is in line with the Agency’s key assistance role of encouraging the banking sector to continue lending to the Micro, Small and Medium Enterprise (MSME) sector under the government’s economic recovery program due to the COVID-19 pandemic.
On June 25, 2020, the PHILGUARANTEE Governing Board has approved to guarantee housing loans that were restructured by Accredited Financial Institutions (AFIs) on or before December 31, 2020.