BPI BanKo targets to double loan portfolio in 2019

LOS BAÑOS, Laguna —Ayala-led Bank of the Philippine Island’s microfinance arm BPI Direct BanKo Inc. is looking at doubling its microenterprise loan portfolio this year.

“We want to double our loan portfolio for 2019,” BanKo chairman and BPI head of Financial Products and Alternative Channels Simon Paterno said.

As of end-2018, BanKo has provided P3.3 billion worth of microenterpise loans since the microlender was conceived in 2016.

“For this year, we are targeting around P7 billion for loans,” BanKo president Jerome Minglana said.

“After two years, we witnessed how our loans have been very meaningful for small businesses and grassroots communities. We continue to strengthen our commitment to the SEME (self-employed microentrepreneurs) market by providing them with beater financial options that best fit their needs.”

For his part, BanKo Micro-Enterprises Loans Group head Rodolfo Mabiasen Jr. said the microlender is offering SEMEs a NegosKo loan ranging from P25,000 to a maximum of P300,000 with 2 to 3 percent interest rate a month.

Requirements are also simple as BanKo only requires its clients to submit a business permit from the Office of the Mayor or Barangay and a government ID.

Customers can have their loans released within seven banking days upon submission of complete requirements.

Paterno said BanKo is aiming to address the huge gap in the financial system by providing a more formal lending platform to the SEME market, which include sari-sari store owners, palengke stall owners, and small bakeries and carinderias.

The 2017 BSP Financial Inclusion Survey found that 52.8 million Filipino adults out of 68.6 million are still unbanked. —KBK, GMA News