BanKo disburses P14.2 billion loans to small businesses
Source: Philippine Star
MANILA, Philippines — The microfinance arm of Ayala-led Bank of the Philippine Islands (BPI) has disbursed over P14 billion in business loans to self-employed microentrepreneurs (SEMEs) this year.
BPI Direct BanKo Inc. chairman Josephine Ocampo said the bank continues to ramp up initiatives to become the most trusted microfinance partner of Filipinos and small entrepreneurs as it celebrates its seventh merger anniversary.
“Our anniversary signifies BanKo’s enduring vision to help build a better Philippines – one family, one community at a time. This commitment resonates in every financial service we provide to the masang Pilipino, with the hope of contributing to making their lives better,” Ocampo said.
BanKo continues to show growth while it doubles down its effort to become bigger with wider reach.
Year-to-date, BanKo has released P14.2 billion worth of business loans this year.
Rod Mabiasen Jr., head of financial inclusion and microfinansce at BanKo, said SEMEs can now borrow up to P500,000 without collateral as part of the celebration of the bank’s anniversary month.
“We recognize the expanding requirements of the negosyanteng Pinoy in growing the business. With the higher loan amount, NegosyoKo loan gets better in matching the need for additional working capital, and stay true to our brand of service of maaasahan, malalapitan at mapagkakatiwalaan,“ Mabiasen said.
The launch of the new and improved features of NegosyoKo Loan caps the year that also saw the introduction of InstaCashKo Line, a ready-credit line made available to existing and new SEME clients of BanKo, allowing them access to cash anytime.
With NegosyoKo loan, clients could now borrow up to P500,000 to support and grow their businesses.
BanKo also offers PondoKo Savings, which is an ideal starter for those who want to save. The deposit product could be opened via BanKo Mobile app with just P1, has no required maintaining balance, and offers two percent rebate for every purchase of prepaid load on the app.
Depositors could also send money to other banks and e-wallets via InstaPay for free.
“Through these easy, convenient, and affordable microfinance solutions, it becomes easier for Filipinos to achieve their aspiration as business owners and improve the quality of their lives,” Mabiasen added.
BanKo fast-tracked its expansion and opened 26 new branch-lite units in different locations across the country, bringing the total number of BanKo branches and branch-lite units to 346 this year.
“We believe the opening of these new branch-lite units will usher in new and more opportunities to advance financial inclusion and deliver on our promise of better banking experience for the masang Pilipino,” BanKo president Jerome Minglana said.
While BanKo continues to accelerate its digital transformation agenda to simplify banking experiences in branches, Minglana said increasing its branch network is essential in ensuring and improving customer satisfaction.
