Although there was a significant local bank failure, much of the actual and prospective loan losses in the Latvian downturn are being borne by the foreignowned banks that made the loans (the bulk of them denominated in foreign currency, a factor which certainly complicates the assessment of risks and narrows the range of policy options).
We have made great strides in this area. We now have 45 CSFs in 30 provinces and 15 cities nationwide. As of 31 December 2016, cumulative approved loans for 16,310 beneficiaries have reached Php 3.25 billion. Progress in the program’s implementation could not have been possible without your help. Salamat sa inyo!