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MB Approves Extension of the Exemption of Micro- and Small-Enterprises from the Submission of ITR and AFS

12.27.2011

The Monetary Board (MB) approved the extension for another three (3) years, or up to 31 December 2014, of the exemption of micro- and small- enterprises from the submission of additional documentary requirements, such as income tax return (ITR) and/or audited financial statements (AFS) when they apply for bank loans.

The recently approved exemption extends the regulatory relief earlier granted by the BSP to the sector, which is set to expire on 31 December 2011.  Such move by the MB is aligned with the BSP’s long-standing thrust of providing support to micro- and small- enterprises by assisting these institutions gain greater access to credit from formal channels.

Meanwhile, the BSP continues to encourage private-sector initiatives aimed at strengthening the capabilities of micro- and small- enterprises to generate reliable financial statements. 

 

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