Draft rules for microfinance NGOs out
Philippine Daily Inquirer
6:00 am | Thursday, July 25th, 2013
The Securities and Exchange Commission has released the draft rules for
nongovernment microfinance organizations as part of broader efforts to
support businesses of low-income households.
MANILA, Philippines—The Securities and Exchange Commission (SEC) has
released the draft rules for nongovernment microfinance organizations as
part of broader efforts to support businesses of low-income households.
The rules, posted on the website of the corporate regulator on
Wednesday, are also seen to bolster consumer protection efforts and
encourage these households to save.
The SEC is seeking comments for the guidelines, which also outline the
requirements needed to establish a microfinance-NGO, sets how their
funds should be allocated and details the needed documentation, as well
as the penalties for violations.
It said covered microfinance organizations may grant loans from P2,000
to a maximum of P150,000 subject to "reasonable and conscionable
imposable interest rates and charges."
The minimum "seed capital" was also set at P150,000 although the SEC has
the discretion to require a larger amount.
In terms of how funds will be allocated, the SEC said 70 percent should
go to direct lending purposes. Moreover, its total investments in real
estate, whether shares of publicly traded firms or "other real
estate-based projects," shall not exceed 25 percent of the
organization's net worth.
Majority of its members must also be Filipino citizens and foreigners
will only be allowed to be a member of the said microfinance firm if the
individual's country "accords reciprocal rights to Filipinos."
For those microfinance firms already operating and currently
non-compliant with this rule, the SEC will give them one year to do so
after the rules become effective.
Failure to comply means the microfinance organization will be suspended,
after due notice and a hearing, for a period of 30 days.
These organizations, which are non-stock and non-profit entities, make
use of alternative credit schemes and simplified loan application
procedures. The goal is to grant loans to the "poor and low-income
households for their microenterprises and small businesses, to enable
them to raise their living standards.—Miguel R. Camus
--
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CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Saturday, July 27, 2013
Tuesday, July 23, 2013
Rural bankers thank PNoy for foreign equity law
Rural bankers thank PNoy for foreign equity law
July 23, 2013 4:01pm
Sound economic policies of the Aquino administration will result in a
significant amount of foreign investments in the long run, a group of
rural bankers said Tuesday, a day after President Benigno Aquino III
delivered his fourth State of the Nation Address (SONA).
In a statement, the Rural Bankers Association of the Philippines (RBAP)
thanked Aquino for enacting the foreign equity law, which gives
non-Filipino investors opportunity to own, acquire or purchase up to 60
percent of voting stocks in rural banks.
"As these happen, a favorable economic environment in the countryside
can be made as foreign investors now have the option to infuse
additional capital to rural banks especially now that we have the
Foreign Equity Law in place," said Vittorio Almario, the newly elected
RBAP president.
Enacted in May, Republic Act 10574 or "An Act Allowing the Infusion of
Foreign Equity in the Capital of Rural Banks, Amending RA 7353,
Otherwise Known as the Rural Bank Act of 1992 as amended and For Other
Purposes," lifted the limit on bank ownership that has been a hindrance
for the expansion of operations of rural banks for more than two decades.
Under the law, non-Filipino investors are now allowed to own, acquire or
purchase up to 60 percent of voting stocks in rural banks, provided that
the percentage of foreign-owned stocks will be determined by the
citizenship of the individual or corporate stockholders of the bank.
"We are grateful for the able leadership of President Aquino for being
supportive to the rural development through enactment of such laws. RBAP
will remain one with its goal of fostering inclusive economic growth
particularly in the countryside," Almario said.
With the country consistently receiving positive ratings and economic
outlooks from international financial institutions such as the World
Bank, Moody's Investor Service, and Fitch Ratings, Almario considered it
a "good signal" to attract more foreign investors as these reflect a
stable economy. — KBK, GMA News
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
July 23, 2013 4:01pm
Sound economic policies of the Aquino administration will result in a
significant amount of foreign investments in the long run, a group of
rural bankers said Tuesday, a day after President Benigno Aquino III
delivered his fourth State of the Nation Address (SONA).
In a statement, the Rural Bankers Association of the Philippines (RBAP)
thanked Aquino for enacting the foreign equity law, which gives
non-Filipino investors opportunity to own, acquire or purchase up to 60
percent of voting stocks in rural banks.
"As these happen, a favorable economic environment in the countryside
can be made as foreign investors now have the option to infuse
additional capital to rural banks especially now that we have the
Foreign Equity Law in place," said Vittorio Almario, the newly elected
RBAP president.
Enacted in May, Republic Act 10574 or "An Act Allowing the Infusion of
Foreign Equity in the Capital of Rural Banks, Amending RA 7353,
Otherwise Known as the Rural Bank Act of 1992 as amended and For Other
Purposes," lifted the limit on bank ownership that has been a hindrance
for the expansion of operations of rural banks for more than two decades.
Under the law, non-Filipino investors are now allowed to own, acquire or
purchase up to 60 percent of voting stocks in rural banks, provided that
the percentage of foreign-owned stocks will be determined by the
citizenship of the individual or corporate stockholders of the bank.
"We are grateful for the able leadership of President Aquino for being
supportive to the rural development through enactment of such laws. RBAP
will remain one with its goal of fostering inclusive economic growth
particularly in the countryside," Almario said.
With the country consistently receiving positive ratings and economic
outlooks from international financial institutions such as the World
Bank, Moody's Investor Service, and Fitch Ratings, Almario considered it
a "good signal" to attract more foreign investors as these reflect a
stable economy. — KBK, GMA News
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Saturday, July 20, 2013
Why does Kenya lead the world in mobile money?
Why does Kenya lead the world in mobile money?
May 27th 2013, 23:50 by T.S.
PAYING for a taxi ride using your mobile phone is easier in Nairobi than
it is in New York, thanks to Kenya's world-leading mobile-money system,
M-PESA. Launched in 2007 by Safaricom, the country's largest
mobile-network operator, it is now used by over 17m Kenyans, equivalent
to more than two-thirds of the adult population; around 25% of the
country's gross national product flows through it. M-PESA lets people
transfer cash using their phones, and is by far the most successful
scheme of its type on earth. Why does Kenya lead the world in mobile money?
M-PESA was originally designed as a system to allow microfinance-loan
repayments to be made by phone, reducing the costs associated with
handling cash and thus making possible lower interest rates. But after
pilot testing it was broadened to become a general money-transfer
scheme. Once you have signed up, you pay money into the system by
handing cash to one of Safaricom's 40,000 agents (typically in a corner
shop selling airtime), who credits the money to your M-PESA account. You
withdraw money by visiting another agent, who checks that you have
sufficient funds before debiting your account and handing over the cash.
You can also transfer money to others using a menu on your phone. Cash
can thus be sent one place to another more quickly, safely and easily
than taking bundles of in person, or asking others to carry it for you.
This is particularly useful in a country where many workers in cities
send money back home to their families in rural villages. Electronic
transfers save people time, freeing them to do other, more productive
things instead.
Dozens of mobile-money systems have been launched, so why has Kenya's
been the most successful? It had several factors in its favour,
including the exceptionally high cost of sending money by other methods;
the dominant market position of Safaricom; the regulator's initial
decision to allow the scheme to proceed on an experimental basis,
without formal approval; a clear and effective marketing campaign ("Send
money home"); an efficient system to move cash around behind the scenes;
and, most intriguingly, the post-election violence in the country in
early 2008. M-PESA was used to transfer money to people trapped in
Nairobi's slums at the time, and some Kenyans regarded M-PESA as a safer
place to store their money than the banks, which were entangled in
ethnic disputes. Having established a base of initial users, M-PESA then
benefitted from network effects: the more people who used it, the more
it made sense for others to sign up for it.
M-PESA has since been extended to offer loans and savings products, and
can also be used to disburse salaries or pay bills, which saves users
further time and money (because they do not need to waste hours queuing
up at the bank). One study found that in rural Kenyan households that
adopted M-PESA, incomes increased by 5-30%. In addition, the
availability of a reliable mobile-payments platform has spawned a host
of start-ups in Nairobi, whose business models build on M-PESA's
foundations. Mobile-money schemes in other countries, meanwhile, have
been held up by opposition from banks and regulators and concerns over
money-laundering. But M-PESA is starting to do well in other countries,
including Tanzania and Afghanistan, and last month it was launched in
India. At the same time, operators in some other countries are doing an
increasingly good job of imitating it. Some of the factors behind
Kenya's lead cannot be copied; but many of them can, which means it
should eventually be possible for other countries to follow Kenya's
pioneering example.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
May 27th 2013, 23:50 by T.S.
PAYING for a taxi ride using your mobile phone is easier in Nairobi than
it is in New York, thanks to Kenya's world-leading mobile-money system,
M-PESA. Launched in 2007 by Safaricom, the country's largest
mobile-network operator, it is now used by over 17m Kenyans, equivalent
to more than two-thirds of the adult population; around 25% of the
country's gross national product flows through it. M-PESA lets people
transfer cash using their phones, and is by far the most successful
scheme of its type on earth. Why does Kenya lead the world in mobile money?
M-PESA was originally designed as a system to allow microfinance-loan
repayments to be made by phone, reducing the costs associated with
handling cash and thus making possible lower interest rates. But after
pilot testing it was broadened to become a general money-transfer
scheme. Once you have signed up, you pay money into the system by
handing cash to one of Safaricom's 40,000 agents (typically in a corner
shop selling airtime), who credits the money to your M-PESA account. You
withdraw money by visiting another agent, who checks that you have
sufficient funds before debiting your account and handing over the cash.
You can also transfer money to others using a menu on your phone. Cash
can thus be sent one place to another more quickly, safely and easily
than taking bundles of in person, or asking others to carry it for you.
This is particularly useful in a country where many workers in cities
send money back home to their families in rural villages. Electronic
transfers save people time, freeing them to do other, more productive
things instead.
Dozens of mobile-money systems have been launched, so why has Kenya's
been the most successful? It had several factors in its favour,
including the exceptionally high cost of sending money by other methods;
the dominant market position of Safaricom; the regulator's initial
decision to allow the scheme to proceed on an experimental basis,
without formal approval; a clear and effective marketing campaign ("Send
money home"); an efficient system to move cash around behind the scenes;
and, most intriguingly, the post-election violence in the country in
early 2008. M-PESA was used to transfer money to people trapped in
Nairobi's slums at the time, and some Kenyans regarded M-PESA as a safer
place to store their money than the banks, which were entangled in
ethnic disputes. Having established a base of initial users, M-PESA then
benefitted from network effects: the more people who used it, the more
it made sense for others to sign up for it.
M-PESA has since been extended to offer loans and savings products, and
can also be used to disburse salaries or pay bills, which saves users
further time and money (because they do not need to waste hours queuing
up at the bank). One study found that in rural Kenyan households that
adopted M-PESA, incomes increased by 5-30%. In addition, the
availability of a reliable mobile-payments platform has spawned a host
of start-ups in Nairobi, whose business models build on M-PESA's
foundations. Mobile-money schemes in other countries, meanwhile, have
been held up by opposition from banks and regulators and concerns over
money-laundering. But M-PESA is starting to do well in other countries,
including Tanzania and Afghanistan, and last month it was launched in
India. At the same time, operators in some other countries are doing an
increasingly good job of imitating it. Some of the factors behind
Kenya's lead cannot be copied; but many of them can, which means it
should eventually be possible for other countries to follow Kenya's
pioneering example.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Friday, July 19, 2013
CCT Government Program: Benefits for Filipino mothers, children
Government Program: Benefits for Filipino mothers, children
Published: July 19, 2013
Pantawid Pamilyang Pilipino Program (4Ps), the Philippines' Conditional
Cash Transfer (CCT) program, has been cited by the Asian Development
Bank (ADB), for reaching 3,912,718 Filipino household-beneficiaries in
1,605 cities and towns in 79 provinces nationwide as of May, 2013. The
program is targeting to reach 5.2 million families by 2015.
The ADB report said the program has been successful at helping the poor.
An evaluation of the program released on March 4, 2013, reported
increased preschool, elementary, and high school enrollments among poor
families, with beneficiary households spending more on health and
education. More beneficiary women attend prenatal and postnatal care and
beneficiary children under the age of five eat more nutritious food, the
ADB reported.
The evaluation by the World Bank, the Asian Development Bank, the
Australian Agency for International Development, and Social Weather
Stations was the result of over a year of data collection and analysis.
It was the first of a three-round series of monitoring and evaluation to
gather solid evidence on benefits from the 4Ps program at various stages.
4Ps has two components: health and education. Under health, it provides
R6,000 a year to each family for health and nutrition. Under education,
R3,000 is given per child, a maximum of three children per family, aged
0-14 years, for each school year to meet their expenses. Beneficiary
families take part in "family development" sessions, to discuss issues
on parenting, gender fairness, child rearing, household management,
health and nutrition. The maximum assistance period for a family is five
years. By December 31, 2013, some 321,000 beneficiaries will have
graduated from 4Ps, but they will continue to be assisted by government
with livelihood schemes.
We congratulate the Department of Social Welfare and Development, headed
by Secretary Corazon J. Soliman, other Officers and Personnel, in their
collective efforts to ensure that social protection programs help uplift
the quality of life of majority of Filipinos, especially in rural
communities in the Republic of the Philippines. CONGRATULATIONS AND MABUHAY!
Published: July 19, 2013
Pantawid Pamilyang Pilipino Program (4Ps), the Philippines' Conditional
Cash Transfer (CCT) program, has been cited by the Asian Development
Bank (ADB), for reaching 3,912,718 Filipino household-beneficiaries in
1,605 cities and towns in 79 provinces nationwide as of May, 2013. The
program is targeting to reach 5.2 million families by 2015.
The ADB report said the program has been successful at helping the poor.
An evaluation of the program released on March 4, 2013, reported
increased preschool, elementary, and high school enrollments among poor
families, with beneficiary households spending more on health and
education. More beneficiary women attend prenatal and postnatal care and
beneficiary children under the age of five eat more nutritious food, the
ADB reported.
The evaluation by the World Bank, the Asian Development Bank, the
Australian Agency for International Development, and Social Weather
Stations was the result of over a year of data collection and analysis.
It was the first of a three-round series of monitoring and evaluation to
gather solid evidence on benefits from the 4Ps program at various stages.
4Ps has two components: health and education. Under health, it provides
R6,000 a year to each family for health and nutrition. Under education,
R3,000 is given per child, a maximum of three children per family, aged
0-14 years, for each school year to meet their expenses. Beneficiary
families take part in "family development" sessions, to discuss issues
on parenting, gender fairness, child rearing, household management,
health and nutrition. The maximum assistance period for a family is five
years. By December 31, 2013, some 321,000 beneficiaries will have
graduated from 4Ps, but they will continue to be assisted by government
with livelihood schemes.
We congratulate the Department of Social Welfare and Development, headed
by Secretary Corazon J. Soliman, other Officers and Personnel, in their
collective efforts to ensure that social protection programs help uplift
the quality of life of majority of Filipinos, especially in rural
communities in the Republic of the Philippines. CONGRATULATIONS AND MABUHAY!
DOH admits shortage of rural doctors
DOH admits shortage of rural doctors
BUTUAN CITY, Philippines – He has taken to dancing to promote the various programs of the Department of Health (DOH), among them the campaign against firecrackers, dengue and obesity.
But Health Assistant Secretary Eric Tayag said he could not dance away the lack of doctors, nurses and other medical personnel in government hospitals in the provinces.
To the tune of Gangnam Style, Tayag danced again during the launch of the vaccination program dubbed “DOHbol Time Laban sa Pneumonia” here yesterday.
Butuan City was chosen by the DOH and the World Health Organization as the venue for the launching of the country’s first vaccination program against pneumonia for infants.
When asked by Butuan City Mayor Ferdinand Amante during a press conference if he could help solve the lack of doctors and other medical personnel at the Butuan Medical Center (BMC) here, Tayag replied: “This kind of problem is so heavy I can’t dance.”
Amante noted that BMC was designed as a 50- to 70-bed hospital but due to the influx of patients, including from middle class families, they are accommodating 200 patients or more.
“We are having problems because most doctors at BMC are only visiting doctors or in private practice,” he said.
“I hope you and (Health) Secretary (Enrique) Ona can help us by providing BMC medical doctors,” Amante told Tayag.
-- ----------------------------------------------------------- CARLOS ANI - DEVJOBS INFORMATION SERVICE # 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033 Philippines Emails: carlosani@gmail.com Cellphone Numbers: +63908-1737072 (Smart) +63926-4644235 (Globe) +63933-4298481 (Sun) My Websites: CARLOSANI.COM - http://www.carlosani.com DEVJOBS - http://www.devjobsmail.com PHILDEVFINANCE - http://phildevfinance.blogspot.com Family website - http://www.anifamily.net FACEBOOK - HTTP://WWW.facebook/anicarlos Send private messages to anicarlos@facebook.com Skype name: carlosaniph ----------------------------------------------------------
Wednesday, July 17, 2013
Savings exceed micro-loans in the Philippines
The total savings portfolio of the Philippine microfinance industry is greater than its total loan portfolio for the first time. News of the achievement came in an announcement last week from Amando M. Tetangco, Governor of the country’s central bank at the launch of the 11th Citi Microentrepreneurship Awards. During the first quarter of this year, the total savings of the country’s 1 million microfinance clients reached P8.2 billion (US$ 189 million), while their total loans were P8 billion (US$ 184 million). This is a dramatic surge in savings compared to the end of 2012, when industry totals were P6.4 billion in savings, and P8.4 billion in loans. These numbers suggest that as clients take out and repay loans, they’re able to sustain savings levels.
In The Economist Intelligence Unit’s 2012 Microscope on Microfinance, the Philippines was ranked as the fourth best microfinance business environment in the world, and as the microfinance environment with the best regulatory framework and practices. Last month the government enacted new legislation allowing foreign entities to hold up to 60 percent equity in the country’s government-sponsored rural banks, with the aim to further promote economic development in rural areas. The opportunity for expanding microfinance outreach in the Philippines remains great. Out of the Philippines population of 95 million, 33 percent live below the poverty line, and only 27 percent have an account at a formal financial institution.
-- ----------------------------------------------------------- CARLOS ANI - DEVJOBS INFORMATION SERVICE # 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033 Philippines Emails: carlosani@gmail.com Cellphone Numbers: +63908-1737072 (Smart) +63926-4644235 (Globe) +63933-4298481 (Sun) My Websites: CARLOSANI.COM - http://www.carlosani.com DEVJOBS - http://www.devjobsmail.com PHILDEVFINANCE - http://phildevfinance.blogspot.com Family website - http://www.anifamily.net FACEBOOK - HTTP://WWW.facebook/anicarlos Send private messages to anicarlos@facebook.com Skype name: carlosaniph ----------------------------------------------------------
Friday, July 12, 2013
ADB cites good prospects in PH microfinance
ADB cites good prospects in PH microfinance
By Ted P. Torres, The Philippine Star
Posted at 07/12/2013 8:21 AM | Updated as of 07/12/2013 8:21 AM
MANILA, Philippines - The Asian Development Bank (ADB) has cited as
"highly relevant, highly effective, high efficient, likely sustainable,
and significant" its microfinance project in the Philippines which it
funded through a $150-million loan.
In a report released yesterday, the multilateral funding institution
said it extended a $150-million loan for the country's Microfinance
Development Program in 2005. At the end of the program in 2008, the
number of active microfinance clients in the country doubled from 2.4
million in 2006 to 5.5 million. During the same period, about 2.6
million jobs were created.
The ADB said the program took a wider view of microfinance than simply
lending.
This included helping to increase the number of microfinance
institutions that offered micro-savings and micro-insurance services.
There were six mutual benefit associations (MBA) offering microinsurance
to 518,307 policyholders.
Data from the Bangko Sentral ng Pilipinas (BSP) indicate that there are
four million families responsible for microloans amounting to P41 billion.
"ADB helped the Philippines expand its use of microfinance and learned
some valuable lessons along the way," it said.
Microfinance, or the provision of financial services such as loans to
poor families, is recognized as a potent method of directly improving
the lives of those most in need. When managed correctly, these small
loans can be used to build small businesses and develop other
income-generating activities that have a long-lasting impact.
"The program helped make microfinance institutions in the Philippines
more sustainable by assisting in the adoption of performance standards
by government regulatory agencies and those doing business related to
microfinance," the ADB said.
These standards promoted legal and ethical practices within the
microfinance industry, whose clients can be vulnerable to exploitation.
Working in coordination with the Philippine government, the program
promoted the use of electronic banking, particularly with mobile phone
technology. This lowers costs and saves time for microfinance clients,
who often make multiple small loan payments a month. Rather than
physically visiting a microfinance office, or relying on a go-between,
the client can pay quickly and cheaply using their mobile phone.
It also helped create new legislation, bolster a government regulatory
agency and produced a consumer protection guidebook that helped improve
the oversight of the industry and while increasing the financial
understanding of clients.
There are now 200 banks and another 2,000 microfinance institutions
(MFIs) in the Philippines servicing at least seven million microfinance
clients.
The ADB said the Philippines is considered one of the countries in Asia
with a relatively developed microfinance industry that provides
financial services to the low-income sector.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
By Ted P. Torres, The Philippine Star
Posted at 07/12/2013 8:21 AM | Updated as of 07/12/2013 8:21 AM
MANILA, Philippines - The Asian Development Bank (ADB) has cited as
"highly relevant, highly effective, high efficient, likely sustainable,
and significant" its microfinance project in the Philippines which it
funded through a $150-million loan.
In a report released yesterday, the multilateral funding institution
said it extended a $150-million loan for the country's Microfinance
Development Program in 2005. At the end of the program in 2008, the
number of active microfinance clients in the country doubled from 2.4
million in 2006 to 5.5 million. During the same period, about 2.6
million jobs were created.
The ADB said the program took a wider view of microfinance than simply
lending.
This included helping to increase the number of microfinance
institutions that offered micro-savings and micro-insurance services.
There were six mutual benefit associations (MBA) offering microinsurance
to 518,307 policyholders.
Data from the Bangko Sentral ng Pilipinas (BSP) indicate that there are
four million families responsible for microloans amounting to P41 billion.
"ADB helped the Philippines expand its use of microfinance and learned
some valuable lessons along the way," it said.
Microfinance, or the provision of financial services such as loans to
poor families, is recognized as a potent method of directly improving
the lives of those most in need. When managed correctly, these small
loans can be used to build small businesses and develop other
income-generating activities that have a long-lasting impact.
"The program helped make microfinance institutions in the Philippines
more sustainable by assisting in the adoption of performance standards
by government regulatory agencies and those doing business related to
microfinance," the ADB said.
These standards promoted legal and ethical practices within the
microfinance industry, whose clients can be vulnerable to exploitation.
Working in coordination with the Philippine government, the program
promoted the use of electronic banking, particularly with mobile phone
technology. This lowers costs and saves time for microfinance clients,
who often make multiple small loan payments a month. Rather than
physically visiting a microfinance office, or relying on a go-between,
the client can pay quickly and cheaply using their mobile phone.
It also helped create new legislation, bolster a government regulatory
agency and produced a consumer protection guidebook that helped improve
the oversight of the industry and while increasing the financial
understanding of clients.
There are now 200 banks and another 2,000 microfinance institutions
(MFIs) in the Philippines servicing at least seven million microfinance
clients.
The ADB said the Philippines is considered one of the countries in Asia
with a relatively developed microfinance industry that provides
financial services to the low-income sector.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Monday, July 8, 2013
Microfinance firm sets IPO this month
Microfinance firm sets IPO this month
By Doris C. Dumlao
Philippine Daily Inquirer
5:23 pm | Friday, July 5th, 2013
MANILA, Philippines—AG Finance Inc. has obtained approval from the
Securities and Exchange Commission to embark on an initial public
offering (IPO) worth as much as P149.76 million.
Based on a registration statement approved by the SEC, AG Finance, which
provides microfinance and consumer loans, including those targeting
overseas Filipinos, plans to offer up to 68.07 million shares at a price
range between P1.91 and P2.20 per share.
The offering will bring to public hands about 26 percent of the
company's post-IPO stock. Mandated as issue manager and lead underwriter
is Banco de Oro Unibank's investment banking unit BDO Capital &
Investment Corp.
AG Finance's offering is targeted to run from July 29 to August 2 this
year. IPO price will be finalized by July 24. Its shares are targeted
for listing on the first board of the Philippine Stock Exchange on August 9.
Proceeds will be used to finance the company's professional and skilled
overseas Filipino worker loan portfolio expansion program. About P47
million is targeted for additional disbursement for 2013 through 2014. A
portion of the IPO proceeds will also be used to repay outstanding loans
with China Bank amounting to P37 million that are maturing this month.
As of end-March this year, AG Finance had P280.9 million in loans and
receivables out of P344 million in assets. It has an authorized capital
stock of P550 million.
The microfinance firm, led by Tony King, was established in 2011 to
provide short-term, unsecured credit facilities to permanent
rank-and-file employees of reputable medium-sized companies in the
Philippines. In 2003, AG Finance expanded its market coverage to include
professionals and skilled workers in North America and the Middle East.
AG Finance has since then established operations in 20 countries
targeting overseas Filipinos, with concentration in Australia, Canada
and Middle East. It has 4,000 active borrowers at present.
The microfinance firm provides salary and emergency loans amounting to
P10,000- P50,000 payable over 12 months via salary deductions.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to
18 months via post-dated checks.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
By Doris C. Dumlao
Philippine Daily Inquirer
5:23 pm | Friday, July 5th, 2013
MANILA, Philippines—AG Finance Inc. has obtained approval from the
Securities and Exchange Commission to embark on an initial public
offering (IPO) worth as much as P149.76 million.
Based on a registration statement approved by the SEC, AG Finance, which
provides microfinance and consumer loans, including those targeting
overseas Filipinos, plans to offer up to 68.07 million shares at a price
range between P1.91 and P2.20 per share.
The offering will bring to public hands about 26 percent of the
company's post-IPO stock. Mandated as issue manager and lead underwriter
is Banco de Oro Unibank's investment banking unit BDO Capital &
Investment Corp.
AG Finance's offering is targeted to run from July 29 to August 2 this
year. IPO price will be finalized by July 24. Its shares are targeted
for listing on the first board of the Philippine Stock Exchange on August 9.
Proceeds will be used to finance the company's professional and skilled
overseas Filipino worker loan portfolio expansion program. About P47
million is targeted for additional disbursement for 2013 through 2014. A
portion of the IPO proceeds will also be used to repay outstanding loans
with China Bank amounting to P37 million that are maturing this month.
As of end-March this year, AG Finance had P280.9 million in loans and
receivables out of P344 million in assets. It has an authorized capital
stock of P550 million.
The microfinance firm, led by Tony King, was established in 2011 to
provide short-term, unsecured credit facilities to permanent
rank-and-file employees of reputable medium-sized companies in the
Philippines. In 2003, AG Finance expanded its market coverage to include
professionals and skilled workers in North America and the Middle East.
AG Finance has since then established operations in 20 countries
targeting overseas Filipinos, with concentration in Australia, Canada
and Middle East. It has 4,000 active borrowers at present.
The microfinance firm provides salary and emergency loans amounting to
P10,000- P50,000 payable over 12 months via salary deductions.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to
18 months via post-dated checks.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
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