PHILIPPINE banks again failed to follow the law requiring them to lend 10 percent of their loan portfolio to micro, small and medium enterprises (MSMEs).
Data from the Bangko Sentral ng Pilipinas (BSP) showed banks approved only 4.52 percent or P488.13 billion of their P10.8-trillion loan portfolio to MSMEs as of June. Furthermore, banks have fallen short of the mandatory credit allocation for MSMEs since 2011.
