The lack of access to credit remains one of the biggest factors for the low uptake of loans in the Philippines compared to other countries, according to a Bank of the Philippine Islands (BPI) executive. Know more:
THE lack of access to credit remains one of the biggest factors for the low uptake of loans in the Philippines compared to other countries, according to a Bank of the Philippine Islands executive.
“To be more accurate, if you compare the Philippines to other countries, the level of debt in the country is still very low, which means we’re not extending enough credit to people who need it still. So part of financial inclusion is to make credit accessible,” Go said. An even smaller percentage, at only 5 percent, acquired financing through private banks, foundations, and cooperatives while 4.3 percent acquired loans with interest from private persons to make their big-ticket purchases.
BPI President and CEO TG Limcaoco alluded to this in his speech during a media launch of the BPI application on Tuesday, saying that BPI became the oldest bank in the Philippines and the whole of Southeast Asia because it is not afraid to innovate.
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