4.1.3  Increased financial intermediation  Before discussing the latest monetary policy decision, I would like to point out that as a result of its enhanced liquidity interventions in euro and USD over the last fifteen months, the Eurosystem has significantly increased its involvement in financial intermediation in the euro area.
Together, they have granted more than P2 billion in loans to Micro, small and medium enterprises or what we call MSMEs. Under this program, collateral-challenged MSMEs that are members of cooperatives gain access to bank loans with credit guarantees issued by the Credit Surety Fund.