The new BSP mandate is expected to oblige bank account holders to manage their checking accounts properly and to a large extent discourage the issuance of checks not sufficiently funded or not funded at all. To avoid penalties, it is always good to exercise prudence when writing checks.
Microfinance Conference: Wholistic Approach to Poverty Eradication Through Microcredit — The Microfinance Council of the Philippines, Inc. (MCPI) in partnership with the Mindanao Microfinance Council (MMC) will hold a conference themed ‘Beyond Microcredit: A Wholistic Approach to Poverty Eradication’ in Davao City in the island of Mindanao on July 29-30, 2010.
Philippine Banks Allowed to Extend Micro Credit to Farmers — Starting this year, micro credit to farmers is livelier than the past years. Because the Bangko Sentral ng Pilipinas (BSP) has issued the new circular that will allow banks to offer micro-agri loans as credit to small farmers.
Safe, Easier, and More Convenient Way to Send Remittance Abroad
– Globe GCASH and PayPal is entering into partnership that will create new way to send money abroad. Some 10 million Filipino overseas workers, mostly in the US, that remitted US$17 billion in the Philippines annually, can leverage the use of PayPal platform and GCash, Globe Telecom Inc.’s micro payment service, to transfer funds to the Philippines using their mobile phones with the speed and cost of a text message.
New Small Business Incentives from the Government — New perks include tax holidays and credits to help businesses weather the economic slowdown.
Risk-Based Lending Movement Pledge of Commitment — Risk-based lending movement is a big help to micro and small and medium enterprises (mSMEs) in the Philippines. Now, the movement is reaching out to all stakeholders and gain support, especially in the business community, and to join them and make a united stand supporting the risk-based lending movement missions in order to have a healthy business atmosphere despite of the on-going financial crisis wrecking havoc in the economy.
