MATHIEU STERN-UNSPLASHpplying for a business loan is not the best experience for most Filipino small-to-medium enterprises . Many SMEs complain about the lengthy application process, numerous documentary requirements, and narrowing likelihood of actually getting funding approval. Rather than go through these hurdles, business owners would rather dip into their savings, or borrow directly from family and friends.
In addition, the Bangko Sentral ng Pilipinas has not ruled out further interest rate hikes at its next policy meeting on Aug. 18. Since mostnancial institutions turn to the BSP rates as a benchmark for loan and credit card rates, another interest rate hike will make loans even more expensive come August.While nothing is certain, the government fully expects the national ination rate to rise — even increasing the 2022 forecast to 4.5%-5.5% in July.
Once you have a loan, which business investments should you prioritize? Real estate may be the most obvious, as it is a good inflation hedge — but if it won’t benefit your bottom line in the next few months, don’t force it. Instead, focus on expenses and investment that will increase your business revenue and relevance to clients.
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