According to a recent survey conducted by the United Nations Development Programme (UNDP) on the impact of Covid-19 on MSMEs in the Philippines, nearly 36% of the Philippines’ GDP is generated by small and medium-sized enterprises, with 63% of the workforce being employed by these businesses.
Yet, these businesses continue to face constraints in formal credit accessibility.
In this article from The Manila Times, Bharath Vellore, General Manager, APAC, Provenir, discusses the progress in bridging the Philippine MSME credit gap both from sides of the private sector and government, and how else stakeholders can do more to facilitate ease and inclusion for MSME lending.