PhilGuarantee, Top Bank sign P250M housing retail guarantee facility

The government’s state guarantee agency has signed a P250 million housing retail guarantee facility with the Top Bank Philippines Inc. to provide financial guarantee support to the country’s housing sector.

In a recent statement, the Philippine Guarantee Corporation (Philguarantee) said that the ceremonial contract signing was held last August 9 to strengthen their partnership with the banking institution formerly known as the Country Builders Bank Inc.

READ: PhilGuarantee: Credit guarantees up in 2021 as bank lending growth resumed

“It is with great pleasure that we close and sign a P250.0 million housing retail guarantee facility with the Top Bank Philippines,” Philguarantee president and chief executive officer Alberto Pascual said in a statement.

Pascual and Philguarantee senior vice president Melinda Adrian attended the event for the government agency, while the Top Bank Inc. officials include president and chief executive officer Ismael Sandig, vice president for corporate lending group head Alvin Joe Maranan, among others.

Pascual said they are pleased to extend support through the housing guarantee and expressed confidence that the new guarantee loan facility will prove advantageous for both parties.

For its part, the Top Bank management noted the importance of partnership for them, saying that it will enhance and expand their loan portfolio.

This, in turn, will help them further position their rebranded name as one of the most trusted banking institutions in the Philippines.

READ: P5-B in equity poured into PhilGuarantee for lending to big companies

PhilGuarantee said it has made significant progress in enhancing its support for micro, small, and medium enterprises (MSMEs), with its cumulative gross loan guarantees now at P7.46 billion, marking a 22 percent growth since December 2023.

“PhilGuarantee credit guarantee programs are designed to enhance credit availability from the banking sector while simultaneously providing MSMEs with essential working capital to stimulate their growth,” said the government agency.

It added that the expansion of these guarantees has resulted in 43,326 MSMEs benefiting from the program, a 12 percent increase compared to the end of the previous year.