Mandatory allocation of credit resources to small and medium enterprises (SMEs)
CIRCULAR LETTER NO. CL-2007-039
To: All Banks
Subject : Mandatory allocation of credit resources to small and medium enterprises (SMEs)
BSP Circular No. 147 dated 24 October 1997, which implements the provisions of Section 13 of Republic Act (RA) No. 6977, as amended, provides that the mandatory credit allocation for SMEs will expire on 9 August 2007. In view thereof, the Small and Medium Enterprise Development Council (SMED Council), which is primary government agency responsible for the promotion, growht and development of SMEs, approved a resolution requesting that "the local banking community to maintain its present level of exposure to SMEs until the mandatory allocation provision of the Magna Carta for Small Enterprises is reinforced with the passage of the proposed amendments to RA 6977 (as amended by RA 8289) in Congress."
Attached, for information and guidance, is a copy of SMED Council Resolution No. 4, Series of 2007.
NESTOR A. ESPENILLA, JR. Deputy Governor
More in BSP Circular Letters
- Mount Makiling Rural Bank, Inc. - Adoption of the Business Name, BANCO MAKILING, A Rural Bank(BSP Circular Letter No. CL-2007-046)
- Discontinuance of Withholding of Taxes on Payments to the BSP(BSP Circular Letter No. CL-2020-009)
- Celebration of Trust Consciousness Week(BSP Circular Letter No. CL-2015-012)
- Lost CB Registration documents(BSP Circular Letter)
- National Banking Week(BSP Circular Letter No. CL-2018-077)
- Lost Bangko Sentral Registration Document (BSRD)(BSP Circular Letter No. CL-2019-069)
- Lost Bangko Sentral Registration Document (BSRD)(BSP Circular Letter No. CL-2009-012)
- GoTyme Bank Corporation – Establishment and Commencement of Operations(BSP Circular Letter No. CL-2022-066)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.