By December 2007, or 16 years later, total loans extended to SMEs have reached P352 billion. This is roughly 21 times more than the 1991 total. We at the Bangko Sentral ng Pilipinas acknowledge the banking sector’s commitment to support SMEs. As a whole, the banking sector has consistently exceeded the mandatory credit allocation for SMEs under the Magna Carta for Small Enterprises.
The FSB and the standard-setting bodies, in particular the CPSS, continuously monitor any such developments to that end. Finally, I would not exclude that there could be a need for further adaptations and guidance on some selected regulatory requirements for CCPs if needed to ensure cross-border consistency in regulation.