Marawi Rural Bank Signs up with USAID Microfinance Program
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April 12, 2002, Marawi City – The Maranao Rural Bank signed an agreement to participate in the USAID-supported Microenterprise Access to Banking Services (MABS) program. The Agreement was signed by Maranao Rural Bank Chairman, Murshid M. Rasuman, and MABS Chief of Party, John V. Owens, in Marawi City on April 12, 2002.
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The signing was witnessed by USAID Mission Director Patricia Buckles, Mindanao Economic Development Council Representative Jo-Ann De Belen, RBAP President Nicolas Lim, and ARMM Representative Prof. Manaros Boransing.
In her remarks, USAID Mission Director Patricia Buckles indicated that USAID was delighted to see the MABS program expanding into Marawi City, and expressed optimism that, as a result of the Maranao Rural Bank becoming a MABS participating bank, microenterprises throughout Marawi would find it much easier to obtain the financing they needed to grow their businesses.
With assets of over 17 million pesos, the Maranao Rural Bank provides banking services to residents of Marawi City and the province of Lanao del Sur. Established in 1998 by the Rasuman family, the bank has a total loan portfolio of 15.9 million pesos. Their microloan program was started as a result of attending MABS regional training seminars in 2000.
In signing the participant bank agreement today, Maranao Rural Bank will draw on MABS technical assistance in the form of training aimed primarily at strengthening bank operations as well as enhancing its capability to develop profitable loan and savings products targeted at microenterprises in the area.
The MABS Program is a USAID-financed effort jointly implemented by the Rural Bankers Association of the Philippines (RBAP) and the Office of the President.
In the four years the MABS Program has been operational so far, some 80 Rural Banks and bank branches have received assistance under the Program. Collectively, these Rural Banks are now providing services to more than 23,000 borrowers and over 89,000 new depositors.
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