Micro Agri Archives

Opening the 2012 National Roundtable Conference of the Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services Program (RBAP-MABS) on June 7, 2012, Ms. Chuchi Fonacier, Managing Director of Bangko Sentral ng Pilipinas (BSP), cited a set of impressive statistics on how banks in the Philippines have now expanded access to microfinance services.

In her keynote address before the participants of the conference, she cited BSP data on the lending side: 190 banks with microfinance operations are reaching about one million active borrowers with an outstanding loan portfolio of PhP 7.2 billion (US$170 million). In addition to micro-loans, the BSP has been actively expanding the definition of microfinance to encourage banks to offer a broader range of inclusive financial services in the countryside.

Taking advantage of the regulations, twenty-two (22) banks have introduced micro-agri loan products to their clients; twenty-four (24) banks are offering housing microfinance; while …

BSP, housing MF, Micro Agri, microfinance, Microinsurance, participating banks, policies and regulations, roundtable conferences

We found Mr. Joel Tormis and Mrs. Jeannie Tormis in their farm tending their fruit bearing bitter cucumber (ampalaya) plants and rows of newly sprouting cucumber plants. Along with microfinance Specialist, Mark Guillermo, and Officers from the Cantilan Bank Tagum branch, we had just come from another location along a river embankment where the couple had planted several long rows of cucumber plants.

We got our education from Mr. Tormis and his wife on a few things about raising vegetables and how cash flow generated from vegetables helps smoothen their income flows.

Mrs. Tormis shared that cucumber plants start generating income “…35-40 days from planting and we continue harvesting every other day for a period of one month”. She added that “Vegetables are a good source of regular income flow for us, and we have no difficulty paying monthly our loan with Cantilan Bank. It is important, however, to program …

Cantilan Bank, Micro Agri, Mindanao

MABS Money Transfer Services

Under the program rural banks are encouraged and assisted to develop and offer new and innovative products and services such as micro-agri and micro-housing loans, to utilize technology such as mobile phone banking to lower costs and improve efficiency of their operations, and to work with partner insurance service providers to develop and offer appropriate micro-insurance products to their clients.

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Tag: Micro Agri

Banks Now Serve 1 Million Active Micro-Borrowers

Lessons from a Vegetable Farmer