Philippine Star – The Philippines has the best policy and regulatory framework for microfinance in the world, according to the Economic Intelligence Unit (EIU).
The EIU is a global consultancy and research outfit that helps business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions.
Bangko Sentral ng Pilipinas (BSP) Monetary Board member Ignacio R. Bunye said one of the key reasons for the distinction is the existence of a regulator that issues supportive and enabling policy as well as capacity building regulations.
“Our main approach as been, and will continue to be, to facilitate the delivery of commercially sustainable microfinance products and services,” Bunye said during awarding ceremonies of the Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services (RBAP-MABS) program.
A few years back, the BSP was recognized as the only central bank that was encouraging the practice of microfinance to the private sector.