The Bureau of Local Government Finance (BLGF), together with the Department of Finance (DOF), signed on 12 December 2019 a Memorandum of Agreement (MOA) with eight (8) government and private domestic banks on the exchange of information on indebtedness, payments and balances of local government units (LGUs).

The agreement seeks to establish mechanisms for a more timely and accurate monitoring of the credit transactions of LGUs, which will serve as inputs to policy and system improvements in overseeing LGU loans.

Series of focus group discussions (FGD) were conducted to support to the BLGF’s initiatives to bridge the gap in LGU’s financing and access to credit intended for local economic growth and development.

DOF Undersecretary Gil S.  Beltran and BLGF Executive Director Niño Raymond B. Alvina were joined in the ceremonial signing by the officials from Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), Overseas Filipino Bank, Inc. (OFB), Philippine Veterans Bank (PVB), Philippine National Bank (PNB), Bank of Philippine Islands (BPI), Asia United Bank Corporation (AUB), and East West Banking Corporation (EWB).