农村金融市场在菲律宾的发展：政策研究的挑战外文翻译.doc

外文翻译 Rural Finance and Developments in Philippine Rural Financial Markets: Issues and Policy Research Challenges Material Source:Philippine Institute for Development Studies Author: Gilberto M.Llanto In last two decades, the rural financial market in the Philippines has gone through various phases or stages of development and experience. The liberalization and deregulation of financial markets in the early 1980s led to a radical paradigm shift in rural financial markets in 1987.The government abandoned the subsidized credit policy framework that it had pursued in favor of a market-oriented approach and use of private financial institutions to provide small farmers and other small-scale borrowers in the countryside access to credit for their working capital and investment requirements. The government’s subsidized agricultural credit programs had failed to provide the intended beneficiaries, that is, the small farmers and other small-scale borrowers, access to bank credit. Thus, the government terminated around 42 subsidized credit programs in the agriculture sector, consolidated the remaining fund balances into a loan guarantee scheme for farmers, called the Comprehensive Agricultural Loan Fund (CALF) and announced that the CALF shall be used to encourage private bank lending to small farmers and other small-scale borrowers. The shift to a market-oriented credit policy was expected to spur rural financing especially by the private sector that would help usher growth in the agriculture and rural areas. The financial and credit policy reforms led to an increase in the number of financial institutions, an improvement in bank density ratios as banking facilities and services became more accessible to various regions outside the National Capital Region, and the provision of new and innovative products to bank customers. Meanwhile, other government agencies continued to implement their respective subsidized credit programs. It was only in the agriculture sector that su