Wellness in Business: Business Insight | Banking and Finance

Business Insight | Banking and Finance: "THE country’s microfinance industry was cited as the world’s best in terms of regulatory framework and second best performing in terms of overall business environment recently by the Economist Intelligence Unit (EIU) through its 'Global Microscope on the Microfinance Business Environment'.

This is an upward ranking compared to the 2009 survey wherein the Philippines landed number three in overall business environment while retaining its number one position in the regulatory framework category.

This recognition affirms the good work that all microfinance industry players are doing. It indicates that each stakeholder ably and ardently performs its roles and responsibilities in order to make the Philippine microfinance market what it is today: viable, sustainable, sound, safe and strong.

From a small industry a decade ago, there are now about 210 local banks who have granted over P6 billion in microfinance loans to more than 900,000 microentrepreneurs, latest data from the Bangko Sentral ng Pilipinas (BSP) said.

These microentrepreneurs, in turn, have generated employment in their local communities and saved about P3 billion in bank deposits."