Govt lent SMEs P30.4 billion through ASENSO program in 2012 – DTI

Government financial institutions lent P30.4 billion in total to small and medium enterprises (SMEs) in 2012 through the Access of Small Enterprises to Sound Lending Opportunities (ASENSO) program, the Department of Trade and Industry said Monday. “These loans made available under the ASENSO Program empower SMEs that make significant contributions to the Philippine economy,” said ASENSO finance committee chairman Benel P. Lagua. Lagua is also president of the DTI's attached agency Small Business Corporation (SB Corp.), which extends financial services to small and medium firms. ASENSO is a state-led financing program for SMEs through which the government has released P272.6 billion to 325,132 SMEs since 2004. Nine government finance institutions and three agencies are part of the initiative: DTI, the Department of Social Welfare and Development, SB Corp., the Land Bank of the Philippines (Landbank), the Development Bank of the Philippines (DBP), the Government Service Insurance System (GSIS), the Social Security System (SSS), the Philippine Export-Import Credit Agency (PhilExim), People’s Credit and Finance Corp., Quedan and Rural Credit Guarantee Corporation (Quedancor), National Livelihood Development Corp (NLDC). and the National Anti-Poverty Commission. According to DTI, Landbank led retail and wholesale lending to SMEs in 2012, its loan releases amounting to P23.3 billion. DBP followed with P3.3 billion. “The others are SB Corp. with P2 billion loan releases, NLDC with P736 million, Quedancor with P385 million, PhilExim with P346 million, and SSS with P354 million,” said the department. — BM, GMA News