NGO to boost microlending operations

NGO to boost microlending operations

NONGOVERNMENT organization Center for Agriculture and Rural Development (CARD) Inc. has issued corporate notes worth P750 million to expand its microlending operations.

In a statement, CARD said it issued the five-year notes last June 13 with PNB Capital & Investment Corp. (PNB Capital) acting as lead manager. PNB Capital is the wholly-owned investment bank subsidiary of the Philippine National Bank.

Joining the group of noteholders were Allied Banking Corp., Banco de Oro Unibank, Inc., BDO Private Bank, Philippine National Bank, Rizal Commercial Banking Corp., and Security Bank Corp.

Incorporated in December 1986 as an NGO, CARD focuses on improving the quality of life of microenterpreneurs and their families in underdeveloped, and economically challenged areas of the Philippines.

In its capacity as a microfinance institution, the organization provides direct financing, research, development work, and economic evaluation in pursuit of its social mission.

The notes issuance, which was more than two times oversubscribed, is said to be a milestone transaction for CARD because it establishes the group’s ability to raise long-term financing from the capital markets without any form of gurantee support, the same statement read.

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