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Veterans Bank opens new loan window for MSMEs
DAVAO City -- The Philippine Veterans Bank (PVB) announced Friday the opening of a P1 billion loan window for micro, small and medium enterprises (MSMEs).
Miguel Angelo Villa-Real, PVB vice president and division head for Corporate Consumer Relations Division, said the loan facility for MSMEs is part of the bank’s rebranding initiatives.
PVB, which is owned by the veterans of World War II and retired military and police personnel, is headed by former Finance Secretary Roberto de Ocampo.
Villa-Real said the MSME loan facility is on a “first come, first serve” basis, adding they may increase the portfolio if there will be more creditors.
He said the “problem with banks now is that they are awash with cash,” and that they are trying to move out the deposits by offering loans.
Villa-Real said they can extend loans from PHP300,000 to PHP100 million.
Villa-real said the process will take about two to four weeks, including the evaluation of the potential creditor.
“This is a market that the bank is new into and our account officers need to be trained. Hopefully within six months, the process would be faster,” he said.
Villa-Real said they are now focusing on a technology for digital banking to make life easier for their clients.
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