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EveryTechEver > Blog > Tech > FinTech > Micro businesses in Casiguran, Aurora picking up through BDO Network Bank
FinTech

Micro businesses in Casiguran, Aurora picking up through BDO Network Bank

BDO Network Bank's branch expansion in Casiguran, Aurora, in November gave local microbusinesses a chance to recover by giving them access to more financial resources.

RV Cuarto
Last updated: May 25, 2023 8:57 PM
RV Cuarto
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3 Min Read
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Micro, small, and medium-sized businesses (MSMEs) make up almost 99 percent of all enterprises in the Philippines. MSMEs are essential to the growth of the Philippine economy. They make jobs possible. According to the DTI, these companies have created more than 5 million jobs, or 62.4 percent, of all employment in the entire country.

BDO Network Bank’s branch expansion in Casiguran, Aurora, in November gave local microbusinesses a chance to recover by giving them access to more financial resources.

MSMEs had already dealt with the pandemic’s consequences when Super Typhoon Karding devastated Aurora province, particularly in the coastal municipality of Casiguran.

Micro businesses
BDO NETWORK BANK president Jesus Antonio S. Itchon explains the role of community banks in the recovery of micro-businesses in Casiguran.

Several public and private organizations, most notably BDO Network Bank (BDONB), the community bank of BDO, met the needs of MSMEs. In an interview with Net 25’s Ano Sa Palagay N’yo (ASPN) show, BDO Network Bank President Jesus Antonio “Tonet” S. Itchon discussed how the BDONB Kabuhayan Loan or MSME Loan aids micro-entrepreneurs in the revival of their businesses.

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Through the BDONB Savings Account or Current Account, MSMEs in Casiguran have access to extra funding as well as the ability to save and protect their monthly income.

Additionally, the presence of BDONB made it possible for microbusiness owners to get easy access to funds for their everyday running costs, such as paying for rent, utilities, and even employee compensation.

Itchon cited the necessity of reaching out to people in the most dire need by opening branches in far-flung locations like Casiguran.

A financial alternative for microentrepreneurs in need of additional finance for the recovery and expansion of their operations is the BDO Network Bank Kabuhayan Loan or MSME Loan.

Microbusiness owners are eligible to apply for loans without collateral ranging from P30,000 to P500,000. The terms of payment, which range from 12 to 24 months, make it simple and reasonable.

Micro businesses
THE CASIGURAN, AURORA With the aid of a BDO Network Bank Kabuhayan Loan, Mercedita Morillo’s sari-sari shop is now back to its pre-pandemic condition. Her ability to boost stock inventory and carry on with business operations that had been hampered by the epidemic and the onslaught of Super Typhoon Karding was made possible by the additional money.

To know more details about Kabuhayan Loan, go to the nearest BDO Network Bank branch in your area, visit the BDO Network Bank website, or send a direct message to BDO Network Bank Official Facebook Page.

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ByRV Cuarto
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RV Cuarto is the founder and editor-in-chief of EveryTechEver, a startup team of writers and researchers. He started in tech journalism in the early days of 2012 as the founder of the successful tech site Nokia Revolution. His belt of experience spans across the industry, from consumer electronics, data operations, and cloud computing, with several brands including Dell, Nokia, Realme, and Huawei. He is also an HIV advocate and a public speaker. He spends his free time singing, playing mobile games, and experimenting with new recipes in his kitchen. Follow him on Tiktok.
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