Press Release
August 7, 2010


Senator Edgardo J. Angara today emphasized the role of microfinance in boosting job generation in the country by fueling small- and medium-scale enterprises (SMEs).

"Our focus should be on providing our people with livelihood and jobs, and improve their spending power. We should encourage and support SMEs, which is a key cog of our economy" said Angara.

Angara, who authored the Credit Information System Act (CISA) said that, "With more reliable credit information now available to lenders, we can expect to improve the availability of credit especially to small and medium borrowers."

The Credit Information Corp., which was created by the act, will provide for a credible and comprehensive credit information system which can cut credit processing time and lower transaction costs thus reducing the risk of default with better credit information.

Through CISA, lenders can now charge less credit premiums and collaterals. CISA is also expected to increase lending volumes and will help expand the reach of credit to small and medium enterprises.

Moreover, the Senator is continuing to push for the amendment of the BSP charter and urging for the passage of Corporate Recovery and Insolvency Act (CRIA) and the Collective Investment Schemes Law (CISL).

"Our aim is to pass more laws that will make the country resilient to the effects of global recession. Through a more structured and responsive financial system, we will shield our economy from external shocks and promote job creation in the country," said Angara.

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