July 29, 2010
ANGARA KEYNOTES LAUNCH OF AURORA MICRO-CREDIT BANK
BALER, AURORA--Senator Edgardo J. Angara today graced the opening of the province's first ever micro-finance oriented bank, with the aim to spur local economy through the financing of small-scale enterprises as well as extending credit to farmers.
"I'm glad that Aurora has stepped up on the road to growth and economic development in terms of people's participation in local economic activities. This is a very timely opportunity for the people of Aurora to make use of their enterprising attitude and maximize the resources around them," said Angara, former Chair of the Philippine National Bank.
Aurora Bank focuses on micro-finance lending to small- and medium-scale enterprises in the province.
Angara said that while the country's financial institutions are in good shape, "it is also very important to keep rural trade active and our massive agricultural resources optimized for our people to harness livelihood and economic progress from."
He also noted that "financial and fiscal reforms at the national level are key to steering the country into full recovery from the global financial crisis, but we must not forget that a huge part of economy is fueled by local businesses in the provinces."
Angara, an advocate of financial reforms and investment laws as a means to attaining economic progress, has also proposed to amend the Charter governing the Bangko Sentral ng Pilipinas to accommodate the current needs in global financial and trade flows.