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The evolution of debt in the Peruvian financial system has been sustained with a countercyclical effect with respect to GDP, explained by the technical treatments emanating from entities such as the SBS, MEF, COFIDE, BCR and the Executive Power, partly reflected in expansionary monetary policies and in make fiscal policies more flexible.
In that line, Experian Peru conducted a study, which was analyzed by the Institute of Economics and Business Development (IEDEP) of the Lima Chamber of Commerce (CCL), which indicates that In the period from January to November 2020, the principal balance of the loan grew by 13.4%, versus a GDP with negative growth of -12.39% in the same period.
In November of last year, the composition of the total capital balance of the financial system was: in traditional loans they represented 57%, in rescheduling 28% and in Government Programs and COFIDE Funding 15%.
In this sense, the Country Manager of Experian Peru, Diego Rincón, indicated that the analysis of the study recommends “Continue increasing access to loans to the MSM sector while ensuring the quality and access to credit risk assessment data, in this way financial inclusion will be promoted and barriers to entry into the payment value chain will be reduced ”.
“Also, in this context, it is key to expand banking access by financial system entities and thus achieve formality to support the segments that need it most,” he added.
Sectors
Regarding growth by type of credit, the sectors that showed the greatest progress are loans to medium-sized companies (46.19%), small companies (31.80%) and micro-companies (26.57%), in the accumulated period from March to November 2020.
Loans to large companies also increased by 21.17%. This is explained by two factors: opening of economic activities in phases, and by the injection of liquidity into the financial system via expansionary monetary policy.
Another important point to note is that it has been achieved maintain 1 million micro-businesses and 134 thousand small businesses that have accessed credit in the financial system and have some economic activity that generates their income and that have not been registered with RUC in the origination of their credits (Informal MYPES), it is recorded that they have accessed credit in the financial system in November and that together they represent 19.8% of the total debt of said sector.
It should be noted that 51% and 23% of clients with a type of microenterprise and small business credit, respectively, do not register RUC in the origination of their credit in the financial system.
Financial inclusion
The analysis and recommendation of the study indicates that financial inclusion and access to credit in the MYPES sector should continue to be increased, promoting competition and reducing barriers to entry into the payment value chain.
On the other hand, in November, the economic agents that concentrated the largest amount of rescheduling are customers of consumer credit types. Of the loans provided for consumption, 42% were rescheduled; and of those granted to the mortgage, 40%. It is important to note that, according to the type of entity in the financial system, EDPYME is the entity where consumer loans were reprogrammed the most (29%), along with financial companies (28%).
On the other hand, the Municipal Savings and Credit Banks (CMAC) reprogrammed the largest amount of credits to MSMEs (30%).
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