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July 24, 2020
During the 2022 annual conference of the Microfinance Council of the Philippines Inc. (MCPI) in August, BSP Governor Felipe M. Medalla stated that the Bangko Sentral ng Pilipinas (BSP) is encouraging targeted digitalization efforts to ensure the continued recovery of microfinance institutions (MFIs) from the pandemic.
Paleng-QR, an interagency program that seeks to increase QR payments among small retailers, was cited by Medalla in a statement released on September 28. A basic merchant account architecture is now being developed, and two rural banks in Batangas are testing satellite technology, according to the BSP chief.
According to the BSP statement, MFIs are exhibiting indications of recovery, with loan growth increasing by 4.1 percent in 2021 after contracting by 2.50 percent in 2020 and repayment rates rising to 84 percent in February 2021 from 56.5 percent in the second quarter of 2020.
Without considering microfinance, Medalla claimed that it is difficult to think about financial inclusion. I'm happy to learn that you see the BSP as your top ally. According to us, you are a crucial ally of the BSP," the governor of the central bank remarked.
Paleng-QR, an interagency program that seeks to increase QR payments among small retailers, was cited by Medalla in a statement released on September 28. A basic merchant account architecture is now being developed, and two rural banks in Batangas are testing satellite technology, according to the BSP chief.
According to the BSP statement, MFIs are exhibiting indications of recovery, with loan growth increasing by 4.1 percent in 2021 after contracting by 2.50 percent in 2020 and repayment rates rising to 84 percent in February 2021 from 56.5 percent in the second quarter of 2020.
Without considering microfinance, Medalla claimed that it is difficult to think about financial inclusion. I'm happy to learn that you see the BSP as your top ally. According to us, you are a crucial ally of the BSP," the governor of the central bank remarked.
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