The Alliance of Philippine Partners in Enterprise Development or APPEND has issued a statement supporting the decision of the Bangko Sentral ng Pilipinas to open a rediscounting facility for banks engaged in microfinance lending.
APPEND is one of the leading networks of microfinance institutions that has been working for the success of small and low-income entrepreneurs throughout the country.
APPEND chair Yolanda Q. de la Cruz said the BSP project was "major and significant move to foster the development of sustainable mechanisms and structures to bring more resources and opportunities to thousands of poor Filipino families."
As envisioned by the BSP, the rediscounting window will enable rural and cooperative banks to maximize their ability to serve small enterprises that normally do not qualify for credit from big commercial banks.
As part of Opportunity International, one of the world's top three providers of microfinance funds, APPEND has extended loans totalling US$100 million to small Filipino entrepreneurs since 1981.
APPEND believes that it is only through banks that member microfinance institutions can sustain the burgeoning needs of small entrepreneurs and poor families.