PHL to host 2013 microcredit summit

The Philippines will host this year's Microcredit Summit, after being chosen by the Microcredit Summit Campaign of the US advocacy organization Results Educational Fund for its record in microfinance as well as for its use of public-private partnerships for development. "Bangko Sentral ng Pilipinas is deeply committed to promoting sound and sustainable microfinance as an integral component of our overall goal of building an inclusive financial system," BSP Governor Amando Tetangco Jr. said in a statement. Microcredit is the awarding of very small loans to poor borrowers, often without collateral. At present, almost 2.6 billion people in the world have no access to formal financial services. It is estimated that one billion people will be living in extreme poverty by 2015. The summit will be held in October at the Philippine International Convention Center in Manila. Some 1,100 participants from around the world are expected to attend. — BM, GMA News