amando m tetangco, jr : effective lending to smes in the philippines speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the launch of the 2012 rcbc sme initiatives, makati city, 16 may 2012. * * * the officers and staff of rcbc under the leadership of president lorenzo tan ; entrepreneurs from the sme sector ; fellow advocates in promoting access to credit ; special guests, good evening. it is my pleasure to join this launch of innovative and customer - friendly initiatives of rcbc... in support of small and medium enterprises : the phone - a - loan service and the women ’ s enterprise loan program. these two programs join the internet - based loan self - assessment service introduced in 2009. indeed, rcbc deserves commendation for these services that enable smes to find out early on – by telephone or internet – if their business fits in … with rcbc ’ s sme initiatives. this is … therefore … a win - win program that saves time... for both the entrepreneurs seeking credit and the bank offering credit. the women ’ s enterprise loan program is also noteworthy for addressing the need of filipina entrepreneurs … not only for credit, … but also for incorporating other financial services, training and business networking. in other words, this program is designed to support the growth of smes managed by filipinas. this is a good decision. in the microfinance world, it has been proven... repeatedly... that women make exceptional entrepreneurs and have good credit discipline. that you are launching the women ’ s enterprise loan program on the week of the celebration of mother ’ s day … makes your program even more meaningful. ladies and gentlemen. we need our financial system to reach out to underserved and the presently unserved. together, we should work on having an inclusive financial system that brings about inclusive growth … in our country. this is the value of your sme program. as it is, the 2010 financial access survey indicated that only around 20 % of our small firms access loans from financial institutions. the figure is higher in our neighboring countries ; in malaysia, for instance, the comparable figure is 60 %. the impact of micro, small and medium enterprises on our economy and our people cannot be overemphasized. together, our msmes are estimated to employ roughly 61 % of filipino

##holm, k., radde, s. and vladu, a., “ tracing the impact of the ecb ’ s asset purchase programme on the yield curve ”, working paper series, ecb, forthcoming. 6 see ecb ( 2018 ), ecb decides on technical parameters for the reinvestment of its asset purchase programme, press release, 13 december. because our holdings of some sovereign bonds at the end of our net purchase phase exceeded the amount implied by the share of these countries in the capital key, we communicated last december that we would start to gradually adjust monthly purchase volumes under the reinvestment phase with a view to reducing cumulated deviations from the capital key without adversely affecting financial conditions. 7 see cœure, b. ( 2017 ), “ bond scarcity and the ecb ’ s asset purchase programme ”, speech at the club de gestion financiere d ’ associes en finance, paris, 3 april. 8 see ecb ( 2019 ), ecb announces details of new targeted longer - term refinancing operations ( tltro iii ), press release, 6 june. 9 further efforts to build a true capital markets union would help extend these improvements by, for example, allowing firms to further diversify their investor base or to issue securities on a pan - european level. see also cœure, b. ( 2018 ), “ the euro area ’ s three lines of defence ”, speech at the conference “ deepening of emu ”, ljubljana, 2 february ; and cœure, b. ( 2018 ), “ the role of the european union in fostering convergence ”, speech at the conference on european economic integration ( ceei ), vienna, 26 november. 14 / 14 bis central bankers'speeches