Philippine Savings Bank (PSBank), the thrift bank arm of Metrobank Group, and the United States Agency for International Development (USAID) recently signed a cooperation agreement involving loans for small and medium enterprises (SMEs).
In a statement, the bank said that through the agreement, PSBank and USAID may extend loans to SMEs especially those found in underserved areas in the country.
“The program aims to help foster local economic growth and improve the condition of nonurban communities,” the bank stated.
The partnership will also enable PSBank to support the growth of SMEs in areas outside Metro Manila, Cebu City and Davao City which are engaged in manufacturing, healthcare, energy, construction, tourism, or post-harvest agricultural processing and agribusiness (except those involving palm oil, citrus or sugar commodities).
“We’re honored to be one of USAID’s partners in fostering growth in the countryside by empowering the SME sector, especially those based in underserved areas. This will help us promote financial inclusion through loan opportunities that are simple, reliable and easily accessible to SMEs,” said PSBank Executive Vice President Jose Vicente Alde.
“We believe that they are the instruments of change and progress in the areas where they operate and we are here to support them,” he added.