New credit scoring system enables SMEs to better access loans: BSP

MANILA – Small and medium enterprises (SMEs) will now have a better access to loans through a system that collects their data and generates their credit scoring, the central bank said on Thursday.

The Bangko Sentral ng Pilipinas (BSP) and the Japan International Cooperation Agency (JICA) launched the Credit Risk Database (CRD) project that seeks to generate and analyze credit scoring data of SMEs for easier borrowing.

“The CRD project is a tangible step in building a sustainable financing ecosystem for SMEs, the backbone of our economy and the driver of the country’s inclusive economic growth,” BSP Governor Benjamin Diokno said.

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