People’s Credit and Finance Corporation (PCFC), a government entity in the Philippines that provides resources to retail microfinance institutions (MFIs), reportedly announced at a recent microfinance conference in Cebu that it hopes to reach 3.2 million active microfinance clients, have partnerships with 170 MFIs and issue PHP 2.05 billion (USD 47.1 million) in new loans by the end of the year. Currently, PCFC partners with 157 MFIs serving 2.95 million clients and has an outstanding loan portfolio of PHP 3.56 billion (USD 81.8 million).
PCFC partner institutions include nongovernmental organizations, cooperatives and small banks. PCFC reportedly intends to authorize several new types of loans to reach its 2011 goals including asset-acquisition loans; general purpose loans, such as for emergencies and education fees; remittance-linked savings and credit facilities; medical loans designed to pay insurance premiums; and housing loans [1].
By John Howard-Smith, Research Associate
About People’s Credit and Finance Corporation (PCFC): The People’s Credit and Finance Corporation is a government-owned finance company based in Manila, Philippines. Its sole focus is microfinance, and it is mandated by the government to provide financial services to the poor through retail microfinance institutions. As of March 2011, PCFC reported partnerships with 157 microfinance institutions (MFIs) serving 2.95 million clients, an outstanding loan portfolio of PHP 3.56 billion (USD 81.8 million) and total assets of PHP 3.78 billion (USD 87 million).
[1] Sun Star Cebu: “PCFC Targets 3.2M borrowers”, http://www.sunstar.com.ph/cebu/business/2011/03/13/pcfc-targets-32m-borrowers-144707
MicroCapital.org story, March 15, 2011: “MICROCAPITAL BRIEF: Philippines Looks to Curtail Direct Microfinance Lending by Government Agencies”, https://www.microcapital.org/microcapital-brief-philippines-looks-to-curtail-direct-microfinance-lending-by-government-agencies/
MicroCapital.org story, July 16, 2010: “MICROCAPITAL BRIEF: Philippines Partners with Key2Flex to Develop Microfinance Geographic Information System”, https://www.microcapital.org/microcapital-brief-philippines-partners-with-key2flex-to-develop-microfinance-geographic-information-system/
MicroCapital’s Microfinance Universe profile: People’s Credit and Finance Corporation (PCFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=People%27s+Credit+and+Finance+Corporation+(PCFC)
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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