Gov’t looking at alternatives to ‘Bombay’ lenders

DAVAO CITY (MindaNews/13 Oct) — The spread of informal lending by “Bombay”
or Indian nationals is not discouraged but the government is looking
for means to provide borrowers more practical alternatives, said
Assistant Secretary Merly Cruz of the Department of Trade and
Industry.

Cruz said the government has nothing against them and that they have
left it open for the borrowers to choose from whom to borrow money.

“We cannot phase them out, but we can scale (their business) down,”
she told MindaNews during the microfinance forum today.

In the forum, Cruz presented a scheme to make available for
cooperatives and associations microfinance packages from the National
Livelihood Support Fund (NLSF).

In the program, NLSF can extend microfinance loans to organizations
like market vendors associations so their members can choose to borrow
from their association instead of lending from the Indian nationals. Read full story here.

About mindanaw

A Journalist from Mindanao

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