MANILA -- The Center for Agriculture and Rural Development (CARD), Inc., a microfinance non-governmental organization, has surpassed its initial commitment in rolling out financial services patterned after government’s Pondo sa Pagbabago at Pag-asenso or P3 Program.
This, after the Department of Trade and Industry (DTI) and CARD forged a partnership in 2017, wherein the latter committed to strengthen poor communities’ access to financial services.
“Providing families with financial access is the first step towards poverty eradication,” CARD Mutually Reinforcing Institutions (CARD MRI) Founder Jaime Aristotle Alip said.
“It is our hope that through our microfinance programs and this P3 initiative of the government, more families will have the capacity to own assets, invests in businesses, and save for the future,” Alip added.
Early this year, Trade Secretary Ramon Lopez said CARD pledged to make available some PHP250 million for loans, under policies and guidelines aligned with government's P3 Program.
But as of July 2018, CARD said it already disbursed PHP450.9 million worth of loans to 39,384 clients.
Under the P3 Program, borrowers who want to start their own businesses can tap the microfinancing program of government at a rate not exceeding 2.5 percent a month.
CARD, Inc. Executive Director Jocelyn Dequito said entrepreneurs can avail up to PHP100,000 of loan at an affordable interest rate, which is payable for 12 months either on a daily or weekly basis.
Currently, CARD eyes to bring this financial service akin to P3 Program to market vendors and entrepreneurs in agri-business in 20 provinces identified by the government in its microfinancing program.
These provinces include Sorsogon, Zamboanga Sibugay, Negros Oriental, Leyte, Catanduanes, North Cotabato, Western, Eastern, and Northern Samar, Mountain Province, Lanao del Norte and Lanao del Sur, Agusan del Sur, Siquijor, Zamboanga del Norte, Sultan Kudarat, Bukidnon, Maguindanao, Sarangani, and Sulu.
“We are one with the government in fighting poverty in the country. Moving out from the claws of poverty can only be made when the private and public sectors and the community itself work together as one,” Alip said. (PNA)
