Commercialization of Microfinance: Philippines by Nimal Fernando

By Nimal Fernando

This record offers a framework for aiding the improvement of sustainable microfinance platforms that supply varied, high quality companies to commonly underserved low-income or negative families and their microenterprises. specifically, the sluggish commercialization of the Philippines's heterogeneous microfinance is explored, in addition to the remainder demanding situations to sustainable microfinance in different countries, together with inadequate realizing of the microfinancing strategy and gradual move towards commercialization.

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4 CARD Bank: Creating a Vehicle for Asset Ownership by the Poor CARD Bank A group of 15 rural development practitioners organized CARD as an NGO in 1986 with the basic objective of improving the quality of life of the landless rural poor. Part of that original mission was to establish a bank created for, owned, and managed by the landless rural poor. In 1997, CARD Rural Bank received its operating license from BSP. With an initial capitalization of P5 million ($167,000 equivalent at the time), 12 of CARD’s 25 branches were converted into CARD Bank; the remaining branches continued to operate as CARD NGO.

Through capacity-building assistance, the NATCCO-Financial Intermediation (FI) project is attempting to raise the overall professional capability and profitability of participating cooperatives by improving their accounting and reporting transparency, management information systems, operating efficiency, product diversification including the development of microfinance products and services based on local and international best practices, and marketing. As part of SEDCOP’s strategy to improve cooperative financial intermediation, it has identified (using the software MASS-SPECC; as of May 2002) 29 primary cooperatives in the Northern Luzon, Mindanao, and Visayas regions for technical support designed to improve efficiency in operations and their ability to meet their members’ need for loans and capital and, therefore, improve their profitability as well.

By 1992, the rural banking system reported positive real growth rates in assets, capital accounts, and net loans, with 787 rural banks reaching 4 63,000 borrowers. Steady growth has continued and the rural banks are now poised for significant expansion. At present, there are over 790 rural banks with more than 1,800 branches that cover 85% of the municipalities in the Philippines. As a whole, the system of rural banks has the widest branch network of any financial institution in the country. While some rural banks have focused on larger, more traditional collateralized loans, most are now returning to lower-income entrepreneurs as a growth market.

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