Security Bank launches MSME support program
SECURITY BANK Corp. has launched a specialized program to provide financing and other banking services to micro, small, and medium enterprises (MSMEs).
The listed bank’s Business Elite program was launched on March 27 and caters to its MSME clients, it said in a statement on Wednesday.
“We developed the Business Elite Program with a clear focus on the needs of our high-value MSME clients. MSMEs are a critical driver of the Philippine economy, and we want to provide them with the right mix of financial and operational tools to support their growth,” Security Bank Senior Vice-President and Business Banking Head John David G. Yap said.
“Building a best-in-class proposition for MSMEs requires a deep understanding of their unique challenges, a commitment to simplicity and value, and the agility to evolve with their needs. These principles guided us in building Business Elite to help MSMEs grow, compete, and thrive,” Security Bank First Vice-President and Customer Value Proposition Head Leo Xerxes C. Cimagala said.
MSME clients must maintain a monthly average daily balance of P2 million to be eligible for the program.
The Business Elite program offers tailored financial solutions, operational support, and other benefits to help businesses scale and compete, the bank said.
These include waived fees on below-maintaining balance requirements and business loan processing as well as preferential rates for banking products.
Security Bank will also provide a Business Elite relationship manager to eligible MSME clients.
Through the program, businesses can tap service providers offering data analytics, tax filing assistance, business registration support, payroll management, and legal consultation services at exclusive rates.
They can also get nonlife insurance coverage in partnership with Philippine British Assurance Co., Inc.
“The program addresses key challenges faced by MSMEs, such as access to financing, cash flow management, and administrative burdens,” the bank said.
Security Bank’s attributable net income rose by 23.4% to an all-time high of P11.24 billion in 2024, driven by record revenues. — A.M.C. Sy
