MANILA (Xinhua): The Asian Development Bank (ADB) has signed a US$30 million loan to Fuse Financing Inc, the lending arm of the Philippines' largest e-wallet provider GCash, to help expand access to credit for micro, small, and medium-sized enterprises (MSMEs) through a digital lending platform.
The ADB said in a press release that the loan will promote the use of digital technologies to finance underserved and unserved segments of the Philippine population, especially in hard-to-reach rural areas.
Access to finance remains one of the most persistent barriers for local businesses, particularly women-owned MSMEs, which continue to face more restrictive lending terms and fewer tailored financial products, the Manila-based bank said.
"MSMEs are an important segment of the local economy, employing over 60 percent of Filipino workers and contributing more than a third to the country's gross domestic product," said ADB Philippines Country Director Andrew Jeffries.
"Supporting MSMEs to make them part of the broader value chain is key to achieving sustainable and inclusive growth in the country," said Jeffries. - Xinhua
