BPI Looks to Offer More Support for SMEs in the Agri-sector

The Bank of the Philippine Islands (BPI) expressed on Tuesday that it hopes to ramp up its support for small and medium enterprises involved in the agricultural sector through its Business Banking unit.

BPI recognizes the agricultural sector’s contributions to the country’s economic resilience and recovery. This is why it “looking to increase its presence” in this particular industry said Eric Luchangco, BPI’s Business Banking head.

The bank is offering targeted funding schemes for “agripreneurs”, which they can utilize for various financial demands like working capital, trade, or expansion plans.

“To reduce the hurdles of agripreneurs and to remain relevant to the Philippine economy, we had to increase our presence in this base. By helping fund the businesses of our clients, we are able to help everyone across the economy recover and find more opportunities moving forward,” said Luchangco.

“We are reaching out to show our interest to support the agricultural value chain including logistics, distribution, storage, and retail and wholesale trade,” he added.

BPI’s SME term loan program is aimed at making the borrowing of money more accessible for agricultural entrepreneurs by requiring fewer documents, no collateral, and has a faster turnaround time.

The bank is also looking to offer more opportunities as it with its partners including the Agriculture-Agricultural Credit Policy Council and Globe myBusiness.

In an effort to aid the recovery of agri-entrepreneurs and elevate financial inclusion in the country, BPI has signed a memorandum of understanding with the Department of Trade and Industry (DTI) as well.

Source: ABS CBN