CARD MRI releases P62 M in disaster aid

MANILA, Philippines - The Center for Agriculture and Rural Development Inc. (CARD MRI) has paid P61.5-million assistance in relation affecting 153,672 clients to the damage caused by Typhoon Glenda, under its CARD MRI Disaster and Relief Assistance Program (CDRAP).

CARD MRI is a social development organization that has likewise evolved into a microfinance and micro-insurance institution.

The number of affected CaMIA PAID Plan policyholders (micro-insurance) has also reached to 19,340 with claims payment of P46 million.

These claims provide immediate assistance to policyholders to rebuild and repair their houses damaged by disasters.

During the height of typhoon, solar lights were being utilized in the different offices of CARD MRI located in affected areas to facilitate continuous service to the members and clients.

The solar-powered lights is a product of CARD-Business Development Service Foundation Inc. (CARD-BDSFI), one of its affiliates.

Automated teller machines (ATMs) were also fully operational in all CARD Bank Inc. branches to cater to financial needs of members and non-members. It is affiliated to the BancNet consortium. CARD Bank is likewise part of the CARD MRI family.

The CARD MRI group is a social development organization that has grown into the country’s microfinance leader. It offers microloans to support the livelihood activities of poor women.

It also initiates CARD MRI’s programs in education, health, and agriculture.

As of June this year, it has served 2.4 million clients directly or indirectly allied with its 204 branches and 52 partners from its 68 regional and provincial offices.

Total loan portfolio stood at P8.9 billion with a repayment rate of 99.43 percent, while saving portfolio amounted to P6.6 billion.  Amount paid for insurance benefits already reached P1.9 billion.

Total assets amounted to P17.7 billion and total equity at P4 billion.