PhilGuarantee coverage hits P195B

From philguarantee.gov.ph

As the government ramped up credit guarantees to borrowers who were badly hit by the pandemic-induced economic slump, the state-run Philippine Guarantee Corp. (PhilGuarantee) said it had already extended a total of P195 billion in coverage as of end-November.

In a statement, PhilGuarantee said that between March last year at the onset of the pandemic until November this year, it approved credit guarantee facilities for loans of micro, small and medium enterprises (MSMEs) amounting to P41.7 billion across 47 partner-banks and financial institutions.

“A major initiative of PhilGuarantee approved by its governing board chaired by Finance Secretary Carlos Dominguez III is the MSME credit guarantee program, which aims to support the mobilization of working capital from the banking sector to entrepreneurs affected by the COVID-19 pandemic,” it noted.

The cumulative P195 billion included guaranteed loans to the agriculture and housing sectors, PhilGuarantee said.