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Inclusive Finance

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by

Jemaica Sanota

on 7 February 2014

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Transcript of Inclusive Finance

Micro-agri loans will not require the usual collateral's that banks ask of their clients. Depending on the bank, farmers could present unconventional collateral substitutes such as their farm animals or crops.
Farmers who apply for loans as a group can use “peer pressure” or “peer support” as their collateral or they could ask their colleagues to be their co-makers.
Geographically, our land area is 30 million hectares, 47 percent of which is agricultural.
BSP issue Circular No. 680 allowing all banks in the country to offer micro-agri loans for farmers.
According to Department of Agriculture (DA),
Micro-agri loans requirements?
Hope for our farmers
Inclusive Finance
The country’s population is predominantly rural (70 percent of the total) and two thirds of this population depends on farming for their livelihood.
In terms of employment, about one half of the labor force in engage in agricultural lands.
Majority of the farms in the country are small ones.
The farmers would be allowed to borrow up to P150,000, with the bank requiring them to pay their loan on a regular (weekly, semi-monthly or monthly) basis.
As of October 2009, a total of 16,898 borrowers have benefited from micro-agri loan disbursements amounting to PhP 487 million.
BSP Aids OFW Evacuees from Libya
The establishment of the
Currency Exchange Facility
is in line with the government’s efforts to assists the OFWs who were displaced by the conflict in Libya
Early 2011 conflict in Libya…
Returning Filipino workers were given seven banking days – from the date of their arrival or from the date of the issuance of the BSP Memorandum to all agent banks on the implementation of the Currency Exchange Facility – to exchange their Libyan dinar peso.
Farmers should have a good track record or multiple income-generation activities (aside from farming) to mitigate the risks of non-payment. Their farm activities should also have been at least two years in operation at the time of the loan.
February 15, 2011. – October 23, 2011.
Result:
Overthrow of Gaddafi government
The MB of BSP approved the opening of a special Currency Exchange Facility that enable OFW’s returning from Libya to exchange Libyan for Philippine peso.
dinars
Under the facility, each Filipino worker returning from Libya was allowed to exchange up to a minimum of P10,000 equivalent of Libyan dinars with the BSP, its regional offices and branches, or with any authorized agent bank (AAB)
Returning Filipino workers from Libya were asked to fill out a BSP Currency Exchange Facility Conversion Slip, which contains complete personal info on the OFW as well as his departure (from the Philippines) and arrival details.
The BSP set the exchange rate which was posted daily in the BSP Reference Exchange Rate Bulletin.
The BSP had previously created similar special currency exchange facilities during the past emergency situations in the Middle East.
The
first

Currency Exchange Facility
was established in the 1990’s during the first Iraq war. Each returning OFW was allowed to exchange any or a combination of Kuwaiti
, Iraqi , Saudi , and Bahrain
for up to a total of P5,000.
dinars
dinars
rials
dinars
The
second
special facility was created in 2003 with the eruption of the second Iraq conflict. Returning Filipino workers from Kuwait, Iran, Israel, and Turkey were allowed to exchange a total of P10,000 of any or a combination of Kuwaiti , Iraqi ,
Israel , and Turkish .
dinars
dinars
shekel
liras
In 2006, returning OFWs, from Lebanon affected by the Israel-Hezbollah conflict were allowed to exchange the approximate equivalent of Lebanese 300,000.
pounds
Currency Exchange Facility
Full transcript