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News and Events

JG Summit-Backed Fintech Unit OKs Loans In 10 Minutes, Releases Proceeds in Half Hour

Will Cashalo become the McDonald's of lending?

According to the latest Financial Inclusion Survey by the Bangko Sentral ng Pilipinas (BSP), the proportion of Filipino adults with outstanding loans fell from 47.1 percent in 2015 to only 22.3 percent in 2017.However, the reason isn’t that fewer Filipinos needed to ...

by Lorenzo Kyle Subido  | October 24, 2018 08:00:00
Business Ideas

Amid Rising Interest Rates, PH Fintech Startup Cuts Lending Costs to Small Businesses

Thanks to smarter credit scoring, First Circle can offer more competitive rates for small businesses

Established in 2016, First Circle aims to make the lending process easier and more convenient for SMEs. From left: Brian McKiernan, vice president for product management; Patrick Lynch, CEO; Tony Ennis, chief technology officer; Axel Regnström, chief commercial officerLast September 28, the ...

by Lorenzo Kyle Subido  | October 17, 2018 09:00:00
News and Events

Your Car and Other 'Movable' Assets Can Now Be Collateral for Bank Loans

President Duterte signs law that expands loan security beyond land, houses and other real estate

President Rodrigo Duterte signed into law Republic Act (R.A.) 11057, known as the Personal Property Security Act, last August 17. This allows “movable assets,” or personal properties such as vehicles, inventory and equipment, to be used as collateral when applying for bank ...

by Lorenzo Kyle Subido  | August 22, 2018 02:00:00
News and Events

Freedom from Debt? Filipinos With Loans Plunge to 22.3% in 2017 from 47.1% in 2015

Almost half of borrowers needed the extra money for daily needs while almost a third used it for business

Perhaps it’s because of the improving economy, rising household incomes or fewer borrowing options in light of the government’s crackdown on informal lending schemes.Whatever the reason, the proportion of Filipino adults with outstanding loans more than halved from 2015 to 2017, according ...

by Lorenzo Kyle Subido  | July 16, 2018 06:00:00
News and Events

BPI Launches Direct BanKo for Self-Employed Micro Borrowers

Offers NegosyoKo Loans worth from Php25,000 to Php300,000

Bank of the Philippine Islands (BPI), the country’s third largest bank by assets, launched the BPI Direct BanKo, Inc., its micro finance bank unit that aims to cater to the underserved sector of self-employed micro entrepreneurs (SEMEs) today, July 25.“Many of these ...

by Pauline Macaraeg  | July 25, 2017 06:00:00
News and Events

Where to Apply for Gov’t Loans for Micro Businesses for Only 2.5% Per Month

DTI rolls out affordable lending program that aims to replace costly ”?"5-6” schemes

The Department of Trade and Industry (DTI) has announced that the Pondo sa Pagbabago at Pag Asenso or P3 program, a lending program aimed at providing affordable funds to micro entrepreneurs, is now available nationwide. The government agency published advertisements in several ...

by Cherrie Regalado  | June 02, 2017 11:00:00
News and Events

Despite High Rates, 'Bombay 5-6' Loans Helped After Asian Crisis, Study Says

A 2003 academic paper found that Filipinos, not just Indians, were also major providers of the costly loans

When President Rodrigo Duterte railed this week against "five-six" loans, he also ordered the arrest, even without a court warrant, of Indian nationals engaging in the high-cost lending scheme.The loans entail the payment of six pesos for every five pesos lent out ...

by Entrepreneur Staff  | January 13, 2017 11:00:00
News and Events

New PH Startup Cuts SME Loan Application From Weeks To Days

First Circle wants to revolutionize lending to SMEs by taking the entire process online

The executives of First Circle. From left: Tony Ennis, CTO; Patrick Lynch, President and CEO; Timothy Glynn, CFOWhat does it take for small and medium enterprises (SMEs) to apply for a loan?Traditionally, the process takes hours of filing paperwork and around a ...

by Entrepreneur Staff  | December 22, 2016 11:00:00
Run & Grow

25 things to do now for better business in 2017

Whether 2016 was rough or a banner year, there’s lots you can do now to make next year better

As 2016 winds down, it’s time to start planning for 2017. For business owners, this means getting financially prepared for the new year by following 25 ways in order to keep your business up-and-running for the long haul. 1. Revisit your business plan.If ...

by John Rampton  | November 25, 2016 09:00:00
Business Ideas

Singaporean tech startup offers Filipinos comparison service of loans, insurance

GoBear prides itself for easy navigation and reasonable rates

A tech startup from Singapore which claims to be “Asia's first and only metasearch engine for insurance and banking services” is now offering Filipinos a platform to easily compare different financial products such as insurance, credit cards and loans right from their computers ...

by Entrepreneur Staff  | October 08, 2016 12:00:00
Run & Grow

A guide on how to dig yourself out of debt

Consider these 7 options and get started with a clean slate

It’s always a good time to start paring down your debt even before the financial troubles come knocking.Victoria Españo, CEO and chairperson of auditing firm Punongbayan & Araullo, says many Filipinos misunderstand bankruptcy, thinking of it as something so extremely negative as ...

by Lolita Villa  | September 02, 2016 06:00:00

3 ways to raise money for your dream franchise

It is always important that you balance practicality and passion.

 One of the most important things when getting a franchise is that you should find a unique concept and product that you love. Whether it is a service you have tried, a restaurant you ate in or a shop you have shopped ...

by Sam Christopher Lim  | June 30, 2016 09:00:00
News and Events

PETNET’s PERA HUB to widen loan offerings

With an affiliate thrift bank, PERA HUB outlets can now provide access to services like DepEd salary and GSIS pension loan programs.

MANILA, Philippines – Following the acquisition of the Aboitiz Equity Ventures (AEV) in mid-2015, PETNET is set to grow its services beyond remittances as it launched one-stop shop payment center, PERA HUB.“PERA HUB will serve as the vital channel through which AEV ...

by Elyssa Christine Lopez  | May 19, 2016 06:00:00