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Economic Services
The banking groups, insurance companies, credit
institutions and pawnshops all throughout the Province are extending
economic services to its clients. Although no official data are
available, per observation, private lending activities lead in the
urban areas particularly in Pagadian City because, unlike banks,
private lending institutions oftentimes do not require several legal
evidences and collateral. What is usually required for the loan
to be released is a guarantor who is known to the owner and who
will vouch for the credit character of an individual. Besides, releases
are outright and fast requiring only a fraction of the client's
time and efforts.
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