Microfinance will help RP attain development goals, says NEDA exec

Microfinance is a critical vehicle that would help the country to achieve the Millennium Development Goals (MDGs), according to a leading economic manager.

"We (the Asean leaders) have agreed to undertake endeavors to continue sharing and learning from each other, especially to use microfinance as a vehicle to achieve the MDGs," National Economic Development Authority (NEDA) Assistant Director General Rolando S. Tungpalan said during the 5th Asean Senior Officials Meeting on Rural Development and Poverty Eradication (SOMROPE).

Tungpalan, who headed the country’s delegation at the conference, said the Asean leaders exchange views on successes and lessons learned in microfinancing and income generation strategies.

The NEDA assistant director general said the sub-regional leaders agreed to sustain the momentum of sharing information and experience that are currently taking place under the Asean-World Bank video conference learning programs, with more focused discussions on microfinance.

The sub-regional leaders also agreed to undertake workshops on best practices of microfinance institutions (MFIs) and policy conferences on supervision and regulation of MFIs and involvement of the private sector.

Ways and means were also identified to further intensify the present momentum of the collaboration, with a view to link efforts to the regional priorities identified by the leaders in the Vientiane Action Programme (VAP). The VAP, the successor to the Hanoi Plan of Action (HPA), is an action plan leading to the end-goal of Asean Vision 2020 to be implemented for the period 2004-2010.

Asean Vision 2020 envisions a concert of Southeast Asian Nations that is outward-looking, living in peace, stable and prosperous, bonded together in partnership in dynamic development and in a community of caring societies.

Meanwhile, the ASEAN Senior Officials said that when reviewing implemented, ongoing and planned activities, the relevant priorities of the VAP are linked to the Framework Action Plan on Rural Development and Poverty Eradication (2004-2010). – Ted Torres