More than 16,000 microenterprises received P3.2 billion in loans from credit surety funds established by Bangko Sentral ng Pilipinas as of end-March 2017.
Bangko Sentral said the amount went to 16,356 small businesses that were members of 45 credit surety funds established since 2008.
The government institutionalized CSF on Feb. 6, 2016 with the enactment of Republic Act No. 10744, or the Credit Surety Fund Cooperative Act of 2015.
Bangko Sentral will put up the La Union Credit Surety Fund on June 14, making it the 46th facility in the country and the 25th in Luzon.
Bangko Sentral said it would put up more of these credit facilities this year to further increase the credit worthiness of micro, small and medium enterprises that were experiencing difficulty in obtaining loans from banks due to lack of acceptable collateral, credit knowledge and credit track record.