[Makati, January 2022] Small and medium-sized enterprises (SMEs) are defined as any enterprise with 10 to 199 employees or enterprises with assets worth Php 3 million to Php 100 million. They make up the backbone of the Philippine economy and comprise over 99% of establishments in the country.
Given their importance, RCBC chooses to continue assisting their SME clients with their recovery program even during the COVID-19 pandemic.
RCBC’s COVID Assistance and Recovery (CARE) program helps SMEs through refinancing packages. The CARE program groups SME borrowers through a color-coded classification scheme. They are classified based on how much the COVID-19 pandemic has affected their operations.
RCBC then creates appropriate refinancing packages for each classification. Refinancing involves making changes to the interest rate, payment schedule, payment amount, and the other terms in the SMEs’ debt obligations that are favorable to them.
RCBC believes that supporting SMEs is essential for strengthening the country’s economy during these trying times. They also believe that it is critical to promote digital collection and payment solutions to enable better cash management.
Joining the SME Finance Forum
RCBC recently joined the SME Finance Forum. The SME Finance Forum is an international organization with a membership network of over 220 members. They consist of financial institutions, technology companies, and development finance institutions.
The SME Finance Forum aims to promote the growth of SMEs through policy change, knowledge and skill exchange, and forming connections.
Last year, RCBC participated in the SME Finance Forum’s Virtual Roundtable Series which aims to help SMEs mitigate the effects of the COVID-19 pandemic by sharing timely, accurate financing information. RCBC joined the 31st session titled “Transitioning from Relief to Recovery.”
The 31st session discussed how leading financial institutions are transitioning from damage mitigation to recovery, what they should do next, and how SMEs can adapt. Angela V. Tinio, RCBC’s first senior vice president, started the discussion by introducing the Philippines’ debt relief program and the state of the economy.
RCBC is dedicated to helping uplift its clients’ lives through their various financial services. The company has received hundreds of awards and recognitions for its banking quality, high standards of responsible business conduct, customer-centric services, COVID responses, and more.
Learn more about RCBC on their site by visiting https://www.rcbc.com.