The Monetary Board recently approved amendments to banking to allow the establishment of micro banking offices (MBOs). This approval presents an enormous opportunity for banks to deliver microfinance oriented banking services to areas that are hard to reach and remain underserved. At present, around 37% or 610 out of 1,635 of the country’s cities and [...]
First rural bank Small Claims Court case successfully settled
January 6, 2009 By
January 05, 2009 – The first small claims case hearing involving a rural bank in the Philippines was successfully conducted in twenty minutes and the case decided on in one-and-a-half hours in a Small Claims Court (SCC) in Davao. The case involved a microfinance client with an outstanding loan of Php 18,000 (from an original [...]
PGMA signs Credit Information Act
October 31, 2008 By
The Credit Information Act or RA 9510 was signed into law by President Gloria Macapagal-Arroyo on October 31, 2008. The law mandates the establishment of the Central Credit Information Corporation (CCIC), which will gather information from financial institutions and consolidate them into a centralized system. The system will help address the lack of reliable information [...]
