Philippine SMEs Get ADB Boost

Small and medium-sized enterprises in the Philippines are expected to benefit from a trade financing deal signed Feb. 23 by five Philippine banks and the Asian Development Bank. In addition to providing new sources of finance to Philippine SMEs involved in international trade, the deal also links these companies to their counterparts in developed countries. The agreement, signed by Allied Banking Corp., Development Bank of the Philippines, Philippine National Bank, Metropolitan Bank and Trust Company and Rizal Commercial Banking Corp., falls under the ADB’s USD1 billion trade finance facilitation program.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.