Months, Years?
By Manny Piñol
GFI LOAN PROCESSING DELAY
IMPEDES ECONOMIC RECOVERY
Press Release: One of the key issues that I will raise in today's organization meeting of the Mindanao Economic Recovery Facilitation Council (MERFAC) is the agonizingly slow processing and release of loans by government financing institutions.
While I respect the adherence to the policy of "Due Diligence" on the part of both Land Bank of the Philippines and the Development Bank of the Philippines, I cannot understand why after all of these years, it would still take them long months and even years to decide on whether to approve a loan application or not.
This is a totally puzzling practice since it would be very easy for bank experts to determine whether a project being proposed for financing is viable or not.
This has led to suspicions that corruption has crept deep in our fabric of society infecting even our financial institutions.
Established businesses affected by the COVID lockdowns and new start up industries need the support of our GFIs at this time and there is simply no reason why the appraisal, processing and approval would take months, sometimes even years.
Today, I will suggest a system where government financial institutions would immediately act on loan applications and declare outright whether the proposed project qualifies or not.
Accept the loan application if the proposed project qualifies and reject it outright if it is not viable.
Ganyan lang naman dapat ka-simple yan para hindi na magtagal at hindi magduda ang mga tao sa motive in delaying the processing.
#GovernanceIsCommonSense!
#TransparencyAccountability!
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