PCFC extends microcredit to 312,000 poor families

The People’s Credit and Finance Corp. (PCFC) nationwide network of partner-conduits provided microfinance services to 312,129 poor individuals, mostly women from July 2001 to June 2002.

PCFC president and chief executive officer Iluminada L.E. Cabigas reported that 621,349 poor borrowers have already availed of microfinance loans amounting to P3.6 billion from the start of operations of PCFC in mid 1996 up to the end of June, 2002.

"The number of poor individuals who benefited from the microfinance programs of PCFC in the past 12 months accounts for half of the total number of borrowers from the start of the PCFC programs," Cabigas said in a press statement.

She attributed this to the consistent support being extended by the 198 private-sector financial institutions, non-governmental organizations and cooperatives that act as its partner-conduits.

In the middle of 2001, PCFC identified strong and aggressive implementors of its microfinance programs in the country. By the fourth quarter last year, PCFC started elevating some of these big conduits as its "Flagship Program Partners" (FPPs).

"To deepen the outreach of microfinance in identified poor areas, these FPPs were permitted by PCFC to establish microfinance centers in remote poor barangays not yet served by other accredited program conduits," Cabigas said.

Among these FPPs are: Mallig Plains Rural Bank in Isabela, Producers Rural Bank in Nueva Ecija, CARD Bank in San Pablo City, Taytay sa Kauswagan Inc. (an NGO) in Iloilo City, Negros Women for Tomorrow Foundation in Bacolod City, and Green Bank in Mindanao.

The PCFC expects to saturate all the provinces of the Philippines, including Basilan, Sulu and Tawi-tawi, before the end of this year as more FPPs are identified and capabilities of other accredited program-conduits are enhanced.