"..ENSURING THE LONG-TERM SUSTAINABILITY OF OUR MICROFINANCE INDUSTRY.." : BANGKO SENTRAL NG PILIPINAS GOVERNOR AMANDO M. TETANGCO

(Following are excerpts from the speech of Governor Amando M. Tetangco of the Bangko Sentral ng Pilipinas.  The speech was delivered during the launching of the "Paeng Awards" and the signing of the memorandum of agreement of MIDAS, on Jan. 10, 2012.)

MICROFINANCE MILESTONES


"...Indeed, today's celebration underscores the many milestones we have accomplished toward ensuring the long-term sustainability of our microfinance industry.

Among others, we are globally recognized as one of the first countries that developed a national strategy, regulatory framework, and performance standards for microfinance.

Since then, we have evolved from simply providing microcredit; today, microfinance is a range of services that meet the different demands of the local market.

MICROFINANCE SERVICES

Now, microfinance clients enjoy access to not just to loans for their small businesses but also  to savings products, housing microfinance loans, micro-agri loans, and microinsurance.

Aside from the products, the microfinance players have also significantly increased and diversified.  More banks are now  seeing the viability and profitability of providing meaningful microfinance services to our country's entreprenerial poor.

Thus, we now have rural banks, thrift banks and even large banks involved in the microfinance industry.

TECHNOLOGICAL SOLUTIONS

Much has also changed in the way microfinance services are delivered.  Today, microfinance clients are able to pay their loans, make withdrawals or deposits through their mobile phones.

With our regulations in electronic money (e-money) and the meaningful partnerships created by banks and e-money issuers, the mobile phone or even local merchant in the villages becomes a channel to facilitate access to financial services.

Indeed, technological innovations have created transformative solutions that have raised efficiencies of microfinance institutions while lowering costs for their clients.

LEGACY THAT EMPOWERS

These developments are all fruits of may innovations and pioneering ideas.  With the launching of the "Paeng Awards", there is a new incentive for such trailblazers.

With a clear vision, a pioneering spirit, and a dedicated resolve to see our vision turn into reality.  I am confident we will continue to break new grounds and reach our goals for the Philippine microfince industry.

Such was the vision, the spirit and the resolve of Gob Paeng, the person whose legacy lives on and continues to empower Filipinos..."

(END).