To be sure, some of this recent progress was bred by necessity, as national governments came to appreciate the patent inevitability of globalization. By lowering the costs of transacting and sharing information, technology has reduced market frictions and provided significant impetus to the process of broadening world markets.
This seeks to expand the loan assistance, rediscounting, and other credit facilities of government financial institutions—Development Bank of the Philippines and Land Bank of the Philippines, to help MSMEs cope with the effects of COVID-19. Lastly, the Agri-Agra Bill,will strengthen rural development by providing for a holistic approach in addressing the financing needs of the broader agricultural financing ecosystem.