USAID Extends Commitment to Support MABS Program
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February 13, 2002, Manila – The USAID-supported "Microenterprise Access to Banking Services" (MABS) Program has been extended for an additional three years. The extension of the Program was effectuated through USAID and the Rural Bankers' Association of the Philippines (RBAP) signing an extension agreement for the Program.
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The Agreement was signed in RBAP's Head Office by USAID Director Patricia Buckles and RBAP President Attorney Nicolas Lim.
Under the MABS Program, Rural Banks are provided the assistance they need to develop the capability to profitably provide banking services, both loan and deposit services, to microenterprises. In the four years the MABS Program has been operational so far, some 74 Rural Banks and bank branches have received assistance under the Program. Collectively, these Rural Banks are now providing services to more than 22,000 borrowers and 89,000 new depositors. Initially, all of the Rural Banks participating in the MABS Program were Mindanao-based banks, but, more recently, the Program has been extended to the Visayas and Luzon.
In remarks offered by USAID Director Buckles at the ceremony, she congratulated the MABS Program staff, and the participating banks, for demonstrating that the belief that banks could not make a profit lending to microenterprises was outdated. She noted that almost all banks participating in the MABS Program were making a profit, and that many of the banks reported that their microenterprise business was among the most profitable parts of their entire business.
RBAP President Attorney Lim, in his remarks, expressed his appreciation for the support USAID has been providing to the Rural Banks for the past four years. He indicated that he looked forward to continuing to work with USAID, and expressed confidence that the joint objective of USAID and RBAP of reaching 110 Rural Banks, and expanding the number of micro-borrowers to 50,000 would be attained. He also indicated that RBAP was committed to expanding MABS services through the RBAP-MABS Technical Services unit.
Mr. Jesus Dureza, Chairman of the Mindanao Economic Development Council (MEDCo), in his remarks, stated that he was pleased to see that MABS would be increasing efforts to include Rural Banks in the ARMM area of Mindanao.
Also witnessing the signing were Sec. Paul Dominguez, Presidential Advisor for Regional Development, Mr. Antonino Alindogan, Monetary Board, Bangko Sentral ng Pilipinas, Atty. Wilfredo Domo-ong, Director, Department of Rural Banks at the Bangko Sentral ng Pilipinas, members of RBAP, MABS Participating Rural Banks, and various USAID officials.
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