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lovephileo's review
Investment Sector: Emerging Markets Submitted by Lovephileo 
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
8 months ago Tags: microfinance entrepreneurs Cordaid BPI MCPI SME Add Tag |
Every year, the government allots certain fund for micro financing made available through local partners, microfinance institutions (private,public,NGO) with an aim to bring it right to the doorstep of the poor micro entrepreneurs.
The administration was committed to finance three million entrepreneurs with sufficient credit to contribute to the generation of 6-10 million jobs by 2011.
From 2004-2008 a total of P213.77 billion was released to 3.76 million active micro-clients and some accounts generating about 2.18 million new jobs.
Last year P54.52 billion was released to 1.15 million micro-clients and some accounts with 677,281 new jobs generated.
About 400,000 new jobs mainly in the handicraft and food business have been created nationwide and repayment rate has been impressive - up to 98%.
Now, the program seems to be more attractive because the president has ordered to lower down the interest rate from 12% to 10% per annum.
In the meantime, Bank of the Philippine Island (BPI) and Cordaid, a foundation based in Netherlands will finance the microfinance nationwide. They have released P600 million to 17 MFI's nationwide alone, reaching 800,000 end-beneficiaries.
Microfinance Council of the Philippines Inc. (MCPI) records 45 MFI's in the country.
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WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER