Financial Digest

‘Give MSMEs interest-free, no-collateral loans’ | Andrea E. San Juan

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Merchants driving the economy could further boost growth if given interest-free and no-collateral loans, an official of the umbrella organization of employers in the country said.

Ortiz-Luis added that at the height of the mobility restrictions to address the Covid pandemic, numerous micro enterprises closed down. He said that while the financing arm of the Department of Trade and Industry , the Small Business Corp., didn’t impose interest rates, SBCorp. still required payment for a service charge and documentation.,” Ortiz-Luis told the BusinessMirror.

But the ECOP chief emphasized that since the SBCorp. is under the supervision of the central bank, it has to follow the rules of lending. According to Ortiz-Luis, instead of doling out funds wherein government “is taking a chance,” the funds should be invested into the economic drivers.Ortiz-Luis told the BusinessMirror that government should consider lending for MSMEs as an investment rather than an expense.

 

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