BPI Globe BanKo: Microfinance Institution

BPI Globe BanKo plans to lend up to P1 billion within the next two years to microfinance institutions (MFIs).

“We’re looking at extending about P1 billion between this year and next year, but we’re focused on wholesale lending,” BPI Globe BanKo president Teresita Tan said in a briefing Tuesday.

Tan said they have pegged the ceiling per MFI to P80 million with monthly interest rate set at three percent.

She explained that they now have existing accounts with 21 MFIs “but we have to reach out to more MFIs.”

The bank, a collaboration of the Ayala Group of Companies, Bank of the Philippine Island (BPI) and Globe Telecom, was formally launched Tuesday while the head office will be opened next month in Greenhills, San Juan.

Tan said they have an authorized capital of P500 million and paid-up capital of P350 million.

“(We) will apply with BSP for permit to put up five branches in different parts of the country,” Tan said.

Relatively, BPI Globe BanKo vice president Josaias dela Cruz said their aim is to secure financial sustainability for MFIs.

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