BSP Initiatives on Microfinance
In 2000, the BSP was mandated by the General Banking Law to recognize microfinance as a legitimate banking activity and to set the rules and regulations for its practice within the banking sector. In the same year, the BSP declared microfinance as its flagship program for poverty alleviation. Since 2000, the BSP has been proactive in the development of microfinance using a three pronged approach: I) To provide the enabling policy and regulatory environment, II) To increase the capacity of the BSP and banking sector on microfinance operations, and III) To promote and advocate for the development of sound and sustainable microfinance operations.
BSP Circulars Related to Microfinance
Year End Reports on BSP Microfinance Initiatives:
The microfinance industry in the Year 2007 was characterized by innovation, dynamism and continued growth. The Bangko Sentral ng Pilipinas (BSP) remained responsive to these changes while maintaining the focus of its microfinance initiatives on increasing the scale and scope of microfinance in the country, specifically within the banking sector.
The Bangko Sentral ng Pilipinas (BSP) focused its microfinance initiatives for 2006 on increasing the scale and scope of microfinance in the country, specifically within the banking sector. The BSP endeavored to build on the previous year’s (the 2005 International Year of Microcredit) gains and momentum to be able to further develop microfinance
The Year 2005 was declared by the United Nations as the International Year of Microcredit to highlight the role of microfinance in poverty alleviation and economic development.
Through BSP's advocacy, 2005 was also declared as the Philippine Year for Microfinance through Presidential Proclamation 719 and Senate Resolution 124.
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