Why is it that most micro and small entrepreneurs (MSEs) rarely seem to scale up? Successful MSEs – those who eventually grow into medium or large enterprises – have shown that scaling is possible.
Bank lending accelerated to its fastest pace in nine months in April, fueled by the sharp rebound in credit demand from corporate borrowers and steady household spending. Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed that outstanding loans granted by universal and commercial banks grew 11.4 percent, higher compared to the 10.7% percent expansion in March. The latest was the quickest pace of credit expansion since July 2025, when lending grew 11.8 percent, indicating that high domestic borrowing costs have yet to dampen economic momentum. The central bank attributed the pickup to commercial lenders anticipating sustained appetite for credit from both corporate entities and households through the second quarter of 2026. Broken down, the growth in outstanding loans to residents increased to 11.8 percent in April from 11.1 percent in March. Meanwhile, the contraction in lending to non-residents widened to 7.9 percent from the 5.9-percent decrease seen in March. Non-resident loans include those extended by big banks’ foreign currency deposit units (FCDUs) to borrowers abroad. Loans meant to fund business activities expanded by 10.7 percent during the month, up from 9.7 percent in March. Growth across several major industries accelerated, with wholesale and retail trade (including motor vehicle repair) growing by 11.8 percent, compared to 9.3 percent in the prior month. Financial and insurance activities also saw faster growth at 6.7 percent, up from 4.4 percent. Meanwhile, lending for electricity, gas, steam, and air-conditioning supply moderated to 25.8 percent from 26.7 percent in March. Real estate activities also eased modestly to 8.1 percent from 8.8 percent. Consumer loans to residents—covering credit card, motor vehicle, and general-purpose salary loans—expanded at a slower rate of 19.6 percent in April, down from 20.5 percent in March. This easing was attributed to a slowdown in both credit card and motor vehicle loans. Domestic liquidity (M3), the amount of money in the economy, grew by 12.2 percent in April to reach ₱20.3 trillion, sustaining the upward trend seen in March. M3 includes currency in circulation, bank deposits, and other financial assets easily convertible to cash. Claims on the domestic sector remained a primary engine of money supply, rising by 12.7 percent in April from a revised 11.6 percent in March. In particular, claims on the private sector grew by 12.6 percent, up from a revised 11.9 percent, driven by continued bank lending to households and non-financial private firms. Meanwhile, net claims on the central government increased by 15.1 percent during the month, up from a revised 12.3 percent in March, fueled by higher government security issuances and lower deposits with the BSP and banks. Looking ahead, the BSP said it “will continue to ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability objectives.”
ECONOMIC growth remains imperative for socio-economic development, narrowing income inequality and lifting living standards.
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Bringing Taiwan to the World and the World to Taiwan
The Philippines’ automotive market has received another vote of confidence from Japan, with the Japan Bank for International Cooperation (JBIC) backing a $573-million financing package to support the vehicle sales business of Mitsubishi Motors Finance Philippines Inc. (MMFP). In a statement published by JBIC last week, the Japanese policy-based lender said its governor, Nobumitsu Hayashi, signed last March 31 a loan agreement worth up to $286 million for MMFP, the Philippine financing subsidiary of Japanese auto giant Mitsubishi Motors Corp. (MMC). MMFP is a joint venture (JV) with Security Bank Corp. that began operations just last year. The loan was co-financed by MUFG Bank Ltd., Mizuho Bank Ltd., and Sumitomo Mitsui Banking Corp. (SMBC), bringing the total financing package to approximately $573 million. According to JBIC, the proceeds will be used to fund MMFP’s sales financing operations for Mitsubishi-branded vehicles in the Philippines. JBIC said the Philippines has become an important market for MMC as the domestic automotive industry continues to grow steadily. The Japanese lender noted that vehicle financing has become an indispensable tool for automakers operating in the country, where many consumers rely on financing arrangements to purchase vehicles. “[MMC] aims to concentrate its management resources on the Association of Southeast Asian Nations (ASEAN) region, where it is competitive, and maintain and expand market share by enhancing its sales network,” JBIC said. The Japanese lender added that supporting MMFP’s financing business would help MMC strengthen its overseas operations while contributing to the resilience of supply chains and the competitiveness of Japan’s automotive industry. It noted that the auto sector is considered a “core industry ” in Japan. JBIC said it will continue supporting Japanese companies expanding overseas while helping strengthen supply-chain resilience in strategic industries. The financing support comes as Mitsubishi continues to hold a strong position in the Philippine automotive market. Among members of industry group Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), Mitsubishi Motors Philippines Corp. (MMPC) has consistently ranked second in vehicle sales, accounting for around one-fifth of CAMPI member sales. The announcement also comes as MMC explores new opportunities under the Philippine government’s upcoming Electric Vehicle Incentive Strategy (EVIS) program, which seeks to attract investments in the local production of electric vehicles (EVs) and related components.
The company is moving beyond restrictive AI hardware requirements—and Windows users will benefit from the change.
The Philippines’ gross international reserves (GIR) dropped to their lowest level in 16 months in May, driven by the global downturn in gold prices and persistent outflows from foreign investments. The nation’s stockpile of foreign currencies and liquid assets retreated to $104 billion at end-May, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Friday, June 5. The central bank’s figure was the country’s thinnest cash buffer since January 2025, when reserves stood at $103.3 billion, and marked a steep decline from the historic high of $113.3 billion reached just three months earlier in February. According to the BSP, the monthly decline was primarily driven by the national government’s payments for its foreign debt, downward valuation adjustments in gold holdings due to lower global prices, and the BSP’s net foreign exchange operations. While foreign exchange holdings saw a slight recovery to $583 million in May from $469 million in April, they remain significantly lower than the $1.75 billion held in March. Gold reserves continued to slide, falling to $19.5 billion from $19.8 billion in April and the record $23.1 billion seen in February. Similarly, foreign investments (foreign-denominated securities) decreased to $79.2 billion in May from $79.4 billion the previous month and $84.2 billion in February. Despite the continued decline, the BSP maintained that the current reserve level remains a “robust external liquidity buffer.” It is sufficient to cover 6.9 months’ worth of imports of goods and payments for services and primary income, a level unchanged from April but down from the 7.5 months’ cover reported in February. Furthermore, the BSP stated that the GIR as of May is enough to cover the country’s short-term external debt 3.6 times based on residual maturity. This further declined from the 3.8 times cover in April. Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said that the decline in the reserves is not structural, but a valuation concern. Ravelas said gold prices have softened due to a rallying dollar, elevated global interest rates, and “some profit-taking after the earlier rally.” “Naturally, that pulls down the mark-to-market value of our gold holdings,” Ravelas said, but he echoed the central bank’s assessment that the country’s US dollar stock remains “very comfortable and more than adequate.” Ravelas said the Philippines’ reserves could return to the peak level seen in February, but at a gradual pace. “We’ll need a favorable mix of lower global rates, a weaker dollar, and sustained inflows from remittances and exports,” Ravelas said, further noting that the current trend is merely a temporary decline, not a worsening state. GIR is composed of the BSP’s reserve assets, including foreign-denominated securities (investments), gold, foreign exchange, special drawing rights (SDRs), and the country's reserve position in the International Monetary Fund (IMF). These reserves serve as a critical buffer against external economic shocks, supporting the local currency and ensuring the country can meet its international obligations.
The country’s dollar reserves fell to $103.97 billion as of end-May 2026 – the lowest level in 16 months – as government debt payments, lower gold prices and central bank foreign exchange operations weighed on the country’s external buffers.
PETALING JAYA: Gold's sharp pullback from record highs has done little to dent its longer-term appeal, with analysts saying central bank demand, reserve diversification and geopolitical uncertainty continue to support the precious metal.
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