CARD MRI replicates DTI microloan scheme

MANILA -- Center for Agricultural and Rural Development Mutually Reinforcing Institutions (CARD MRI) is replicating the microfinancing scheme of the Department of Trade and Industry (DTI) to help Filipinos avail more of affordable loans.

According to DTI Secretary Ramon Lopez, CARD MRI is releasing some PHP250 million, which has same terms with the Pondo sa Pagbabago at Pag-asenso, or the P3 Program of the DTI.

“CARD MRI, using their own fund, is helping the government and doing their P3 approach,” Lopez said.

Under the P3, the government can lend from PHP5,000 to PHP100,000, particularly for micro entrepreneurs and those who want to start their own business, at an interest rate not exceeding 2.5 percent per month.

Lopez, however, clarified that the PHP250-million fund set aside by the microfinance institution is not part of the government’s PHP1.0-billion P3 fund for 2018.

The trade chief said the PHP250-million fund of CARD MRI aims to cater to 18,000 borrowers.

Since the government launched the P3 Program last year, it partnered with CARD MRI to reach unserved and underserved communities with the government’s microloan program, aiming to stop the “5-6” lending scheme.

CARD MRI has 4.6 million clients across the country through its financial, microfinance, education, health, and livelihood programs as well as other capacity-building services. (PNA)