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MICROCAPITAL BRIEF: Philippine Central Bank May Raise Microfinance Loan Ceiling, Roll Out Central Credit Information Corporation (CCIC) by Year End

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Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, reportedly is considering an increase in the ceiling for microfinance loans from the current PHP 150,000 (USD 3,445). No information is available on the proposed level of the ceiling. BSP is also said to be pushing to establish the much-delayed Central Credit Information Corporation (CCIC) before the end of the year. The creation of the CCIC is mandated by a 2009 law.  It will be 60 percent government-owned, with other shareholders reportedly including “The Bankers Association of the Philippines, the Chamber of Thrift Banks, the Rural Bankers Association of the Philippines, the Philippine Credit Reporting Alliance, and the Credit Card Association of the Philippines”.

About Bangko Sentral ng Pilipinas (BSP):
Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established under the provisions of the New Central Bank Act of 1993, BSP is headquartered in Manila and has three regional offices performing cash operations and eighteen branch offices. BSP participates in various advocacy programs concerning microfinance, financial education and consumer protection.

By Ariana Malushi, Research Associate

Sources and Additional Resources:

Michelle V Remo, “BSP May Raise Cap on Microfinance Loans”
http://business.inquirer.net/32157/bsp-may-raise-cap-on-microfinance-loans

Ted Torres, “Central credit bureau still lacks seed capital”
http://www.philstar.com/Article.aspx?articleId=702700

CGAP: “Implementing Rules and Regulations of the Credit Information System Act No. 9510”
http://www.cgap.org/p/site/c/template.rc/1.9.46127/

MicroCapital.Org story, November 7, 2011, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas: Filipino Microfinance Borrowing Increases to $170m”
http://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-filipino-microfinance-borrowing-increases-to-170m/

MicroCapital.Org story, July 10, 2011, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas Reduces Fees, Loosens Branch Restrictions to Promote Financial Inclusion in the Philippines”
http://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-reduces-fees-loosens-branch-restrictions-to-promote-financial-inclusion-in-the-philippines/

MicroCapital.Org story, January 19, 2011, “MICROCAPITAL BRIEF: Bankers Association of the Philippines – Credit Bureau Incorporated (BAP-CB) Offers Rural Banks, Microfinance Providers Access to Credit Information System” http://www.microcapital.org/microcapital-brief-bankers-association-of-the-philippines-credit-bureau-incorporated-bap-cb-offers-rural-banks-microfinance-providers-access-to-credit-information-system/

MicroCapital.Org story, April 12, 2011, “MICROCAPITAL BRIEF: Bankers Association of the Philippines ("BAP") to Launch Online Credit Information Bureau Run by Microfinance Institutions (MFIs)”
http://www.microcapital.org/microcapital-brief-bankers-association-of-the-philippines-bap-to-launch-online-credit-information-bureau-run-by-microfinance-institutions-mfis/

MicroCapital Universe Profile: Bangko Sentral ng Pilipinas ("BSP")
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangko+Sent aral+ng+Pilipinas+%28BSP%29

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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