For 14 years now, we — the BSP, Citibank, Citi Foundation and Microfinance Council of the Philippines, Inc. (MCPI), together with the members of the National Selection Committee and the Country teams, and other microfinance advocates – have worked together to constantly improve the design and implementation of the program. Thank you everyone!
An essential prerequisite for the proper functioning of the Fund is the interaction with a stable and efficient banking system. The continuous growth of competition in the banking system and the advancement of this sector have led to a decline in cost in bank financing conditions, and improvement thereof. The average effective interest rate on loans in March 2019 was 6.7%.