Microfinancing Programme Set Up for Micro, Small and Medium Enterprises in the Bangsamoro Region, Philippines

On the 21st of December 2021, Amilbahar Mawallil, a Member of Parliament in the Philippines filed a bill for the Bangsamoro Region's micro and small-scale businesses to obtain microfinancing with no collateral and under shared risk. The initiative known as Bangsamoro Microfinancing Program (BMP) is slated to set the region apart from present loan practices.

Why it Matters?

BMP falls under Parliament Bill 164, or the Bangsamoro Microfinancing Act of 2021 which seeks to provide affordable, accessible, simple, and responsive microfinancing programmes for the region’s micro-enterprises, and mainly in the poorest areas. According to Mawallil, the bill applies Islamic financial principles such as risk-sharing and equitable wealth distribution in the p...