State-guaranteed loans hit P239 billion

MANILA, Philippines —  The government has provided guarantees to nearly P240 billion in loans in the first quarter with more Filipinos benefiting from credit supplementation.

In a statement, state-run Philippine Guarantee Corp. (PhilGuarantee) said it recorded a cumulative guaranteed gross loan portfolio of P238.72 billion from January to March,  26 percent higher than last year’s P189.39 billion.

The amount  is also 7.5 percent above the P222-billion target for the quarter.

The bulk of the credit guarantees supported the housing sector at P234.18 billion.

Another P1.46 billion in guarantees were extended to micro, small and medium enterprises, while the remaining P1.16 billion went to the agriculture sector.

The first quarter performance allowed PhilGuarantee to back the loans extended to 49,312 borrowers, rising by 28 percent as more Filipinos gain access to financial assistance through credit supplementation.

Broken down, 38,584 agri-based workers accessed credit support, 7,527 MSME beneficiaries received guarantees while 3,201 new housing loan borrowers were recorded.

The agency said all guarantee applications were processed within the prescribed turnaround time upon receipt of complete documentation.

Being the principal agency for state guarantee finance of the Philippines, PhilGuarantee is primarily mandated to perform its development financing role through the provision of credit guarantees to support trade and investments, exports, infrastructure, energy, tourism, agriculture and other priority sectors of the economy.