SCBP provides P80 M for microfinance

MANILA, Philippines - Standard Chartered Bank of the Philippines (SCBP) and microfinance institution ASA Philippines Foundation Inc. (ASA) has signed a credit facility agreement amounting to P80 million to support the development of micro-enterprises in the Philippines. In addition to providing financial services, ASA also provides business skills training and marketing support to qualified clients. It plans to reach over 800,000 borrowers with a gross loan portfolio of P3.2 billion. Majority of the growth will be in chronically underserved and unbanked areas on the island of Mindanao and specific islands in the Visayas region. In 2010, SCBP provided its first microfinance loan in the Philippines to CARD Bank, one of the largest microfinance institutions in the Philippines, with over 350,000 borrowers and an asset size of $98 million. It was followed by a similar loan facility in 2011 to Tulay sa Pag-Unlad Inc. (TSPI), another leading MFI with over 280,000 borrowers and an asset size of $70 million.