According to Secretary Domingo F. Panganiban of the National Anti-Poverty Commission (NAPC) of the Philippines, 7.1 million microentrepreneurs have received PHP 168 billion in loans, the equivalent of over USD 3.7 billion, from 2001 to 2009. Apparently most of the loans have been disbursed by the government and partnering financial institutions. However, Mr. Panganiban pointed out that these partners are not subsidized by the government. Mr. Panganiban also claimed that these loans generated jobs for more than 2.8 million unemployed or underemployed citizens. In 2008, 64 microfinance institutions (MFIs) in the Philippines reported to the MIX Market, the microfinance information clearinghouse. According to the MIX, MFIs reporting data have a gross loan portfolio of USD 538 million, USD 765 million in total assets, and 2.4 million active borrowers.
By Christopher Maggio
Additional Resources
Manila Bulletin article entitled ’10 million poor secured P168 billion microfinance loans since 2001′: http://www.mb.com.ph/articles/248920/10m-poor-secured-p168-billion-microfinance-loans-2001
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