The Monetary Board of the Philippines has approved an enhanced policy that allows banks to grant Peso consumer loans to Overseas Filipino Workers (OFWs) without Bangko Sentral ng Pilipinas (BSP)’s approval.
The enhanced policy is aimed at facilitating access of OFWs to bank credit, in line with the BSP’s financial inclusion and empowerment agenda.
It also liberalizes the rules limiting the grant of Peso consumer loans to certain types of visa holders.
Going forward, Peso consumer loans, except residential real estate and housing loans, may be extended to all eligible foreign nationals with valid visas issued by relevant Philippine authorities.
Embassy officials and employees based in the Philippines are also allowed to avail themselves of any type of Peso consumer loans.
Photo Credit: Pixabay