BSP gives small enterprises more time for borrowing without financial docs

BSP gives small enterprises more time for borrowing without financial docs

"Small and microenterprises nationwide may still seek bank loans even if they do not have audited financial statements or income tax returns to present — for the next three years at least .... Over P7 billion worth of microfinance loans were given to some 963,000 borrowers as end-June 2011, BSP data showed. The average loan size was P7,260 per microentrepreneur."