Access of Small Enterprise to Sound Lending Opportunities (ASENSO) Program

This program is jointly implemented by different government financial institutions (GFIs) in support of the government’s SME Development Plan. ASENSO adopts a unified procedure and terms and conditions in lending to SMEs. Short-term (one year) and long term (maximum of five years) loans for working capital or fixed asset acquisition are capped at PHP 5 million (approximately US$112,700). Projects in manufacturing, agribusiness, services, or trading industries are eligible for financing. Since 2004, the government has released PHP 272.6 billion (US$6.1 billion) to 325,132 SMEs. Nine GFIs and three agencies are part of the initiative: DTI, the Department of Social Welfare and Development, SB Corp., the Land Bank of the Philippines (Landbank), the Development Bank of the Philippines (DBP), the Government Service Insurance System (GSIS), the Social Security System (SSS), the Philippine Export-Import Credit Agency (PhilExim), People’s Credit and Finance Corp., Quedan and Rural Credit Guarantee Corporation (Quedancor), National Livelihood Development Corp (NLDC) and the National Anti-Poverty Commission.