4  Figure 1: Expansions in real GDP (OECD aggregate) 6  Index 140  1982-1990 2009-2016  1975-1981 2001-2008  1991-2001  135 130 125 120 115 110 105 100 95 90 1  4  7  10  13  16 19 22 25 28 Quarters from trough  31  34  37  40  Source: OECD.
As monitored by the Bangko Sentral ng Pilipinas, loans granted under the CSF program range from 8–12% a year, a fraction of the cost of borrowing from informal lenders! This is the reason why the BSP has been working on promoting financial inclusion across the country for over ten years now.