The project has been among the principal elements of USAID/Philippines’ efforts to accelerate economic growth through financial inclusion of lower-income groups. The program provided participating rural banks with the project’s training and technical services package — a systematic, step-by-step training and technical assistance package followed by rural banks as they develop the full capability to profitably provide loan, deposit, money transfer, and other financial services to micro-entrepreneurs and low-income households.
By combining technical training for partner rural banks, education to micro-entrepreneurs and continual implementation of new technologies, the project has developed the capacity of rural banks to expand access to banking services throughout the countryside. The project has helped most of its participating banks become major players in the Philippine microfinance sector.
- Disbursed micro-loans totaling $960 million to more than 907,000 new bank borrowers.
- Partner banks manage more than $48 million in small savings deposits from 1.4 million micro-deposit accounts.
- The mobile banking services program reaches more than 975 bank branches and sub-offices benefiting 139,000 rural bank clients; 950,000 micro-borrowers have gained access to banking services.
- More than 57,800 micro-agricultural loans totaling more than $19 million were disbursed to 23,000 farmers.
Project Duration: 2008 -2012