Inquiry on Access to Bank Loans Urged

Manila Bulletin, October 13, 2010 | Go to article overview

Inquiry on Access to Bank Loans Urged


MANILA, Philippines - Lawmakers have urged the House committee on banks and financial intermediaries to conduct an inquiry into the limited access of small and medium enterprises (SMEs) to bank loans.Cagayan de Oro City Representative Rufus Rodriguez and Abante Partylist Representative Maximo Rodriguez filed House Resolution 483 to look into the limited access of SMEs to bank loans as well as the imposition of high interest rates by some creditors."To facilitate these small loans by SMEs, banks tend to require collateral from SMEs to cover the risks and to take into account large transaction costs which is the very same reason that makes bank loans inaccessible for SMEs," the brother lawmakers said.They said the accessibility of the SMEs to bank loans is still "below" the international benchmarks which prompted the Bangko Sentral ng Pilipinas (BSP) to urge on financial institutions to implement more measures to reach out to these sectors. (Charissa M. Luci)DFA working on repatriationThe Department of Foreign Affairs (DFA) said on Wednesday it is working on the repatriation to the Philippines of overseas Filipino workers (OFWs) from Iraq once their contract expires instead of being repatriated to their country of recruitment.DFA Special Assistant at the Office of the Undersecretary for Migrant Workers Affairs (OUMWA) Atty. Enrico Fos said the stock estimate of overseas Filipino workers (OFWs) in Iraq is at 5,000 but as of this time, there are only about 1,400 to 1,500 Filipinos remaining in Iraq and finishing their contracts.He said there is an expected decrease of OFWs in Iraq because of the closing of US facilities in the area."Part of their contract is their repatriation. What we're negotiating is their repatriation to the Philippines," Fos said, adding that since the country has an existing travel ban to Iraq, OFWs come from other countries where they were recruited from. …

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