Small Business Corporation (SBCorp), the micro, small, and medium enterprise (MSME) development financing arm of the Department of Trade and Industry (DTI) is poised to report historic financial milestones for 2024, initial figures indicate. This marks a key turning point for the government financial institution, which has emerged stronger post-pandemic.
With revenues expected to exceed PhP1.0 billion for 2024, SBCorp significantly overshoots its targets approved by the Governance Commission for GOCCs (GCGC). This represents the first time in the corporation’s history that it has breached the PhP1.0 billion revenue level, tripling its pre-pandemic performance of PhP358.5 million. Additionally, its operating income almost doubled pre-pandemic levels, from PhP228.6 million in 2019 to about PhP431.1 million in 2024.
“These milestones reflect the government’s commitment to level-up the MSME Sector and make them the real drivers of the Philippine economy,” said DTI Secretary Ma. Cristina Roque. The trade chief also serves as Chairperson of SBCorp, even prior to assuming her post as DTI Secretary. “By digitalizing and improving our lending processes, enhancing operational efficiency, and prioritizing customer experience, we have delivered record-breaking results while remaining steadfast in our mission to support MSMEs.”
SBCorp credits the positive results to several key initiatives: 1) streamlined and faster loan application and approval processes, ensuring government funds are disbursed efficiently; 2) governance standards that align with transparency, accountability, and strategic execution; and, 3) commitment to financing 100% of all approved loan applications—a move that has significantly bolstered MSMEs, particularly in underserved and marginalized communities.
“We have weathered the storm of the pandemic, much like the MSMEs we have assisted,” said Robert Bastillo, SBCorp President and CEO. “The corporate losses of the past few years were largely due to SBCorp’s countercyclical role in the Philippine Financial System and prudent provisioning for the mandated COVID-related accounts. However, we believe that corporation’s performance in 2024 signals a new chapter of growth and financial sustainability.”
“Our goal is not just to grow revenues but to make meaningful impact,” Roque concluded. “By empowering MSMEs, we create jobs, and we empower the communities and industries that drive our nation’s progress.”