PSBank, USAID to extend loans to SMEs

MANILA, Philippines - Philippine Savings Bank, the thrift bank arm of Metrobank Group, recently signed a cooperation agreement with the U.S. Agency for International Development (USAID) and with other partner banks to extend loans to small and medium enterprises (SMEs), especially those found in underserved areas in the country.

The partnership will enable PSBank to support the growth of SMEs in areas outside Metro Manila, Cebu City and Davao City which are engaged in manufacturing, healthcare, energy, construction, tourism, or post-harvest agricultural processing and agribusiness (except those involving palm oil, citrus or sugar commodities). The program aims to help foster local economic growth and improve the condition of non-urban communities.

“We’re honored to be one of USAID’s partners in fostering growth in the countryside by empowering the SME sector, especially those based in underserved areas. This will help us promote financial inclusion through loan opportunities that are simple, reliable and easily accessible to SMEs. We believe that they are the instruments of change and progress in the areas where they operate and we are here to support them,” said PSBank executive vice president Jose Vicente Alde.

Present during the MOC signing were USAID mission director Gloria Steele; USAID deputy mission Director Reed Aeschliman; PSBank executive vice president Jose Vicente Alde; Credit Information Corporation president and CEO Jaime Gatchitorena; along with executives of other partner banks.

Interested SMEs may call PSBank’s 24/7 hotline at (02) 845-8888 to find out more details on this loan facility.

Philippine Savings Bank (PSBank), the thrift bank arm of Metrobank Group, recently signed a cooperation agreement with the U.S. Embassy Manila’s U.S. Agency for International Development (USAID) and with other partner banks to extend loans to small and medium enterprises (SMEs), especially those found in underserved areas in the country.

The partnership will enable PSBank to support the growth of SMEs in areas outside Metro Manila, Cebu City and Davao City which are engaged in manufacturing, healthcare, energy, construction, tourism, or post-harvest agricultural processing and agribusiness (except those involving palm oil, citrus or sugar commodities). The program aims to help foster local economic growth and improve the condition of non-urban communities.

“We’re honored to be one of USAID’s partners in fostering growth in the countryside by empowering the SME sector, especially those based in underserved areas. This will help us promote financial inclusion through loan opportunities that are simple, reliable and easily accessible to SMEs. We believe that they are the instruments of change and progress in the areas where they operate and we are here to support them,” said PSBank Executive Vice President Jose Vicente Alde.

Present in the MOC signing were USAID Mission Director Gloria Steele; USAID Deputy Mission Director Reed Aeschliman; PSBank Executive Vice President Jose Vicente Alde; Credit Information Corporation President and CEO Jaime Gatchitorena; along with executives of other partner banks.

Interested SMEs may call PSBank’s 24/7 hotline at (02) 845-8888 to find out more details on this loan facility.