Capitol program to give credit sans collateral
More poor women are seen to benefit from a program patterned after the Grameen, a successful micro-finance system started in
The Grameen for Women Empowerment Now (GWEN) allows impoverished women in the province to gain access to micro-credits without collateral as it is Grameen’s mission to help poor families help themselves overcome poverty.
In fact, the most distinctive feature of the Grameen credit is that it is not based on any legally enforceable contracts. It is based on “trust, not on legal procedures and systems,” this was learned.
Also, the Grameen program was initiated as a challenge to conventional banking which reportedly rejects the poor by classifying them as “non-creditworthy”.
Further, it was learned that under the Grameen program for women started by President Arroyo, P200 billion was already released for micro-financing purposes since 2004. It has a 98-percent repayment rate and that 92 percent of the borrowers were said to be women.
With the already three million beneficiaries of the Grameen program nationwide, the Capitol is positive that GWEN will be able to help mothers sustain the 120-day feeding program for children. The program which officially kicked off last Valentine’s Day is under the Early Childhood Care and Development Project of the province.
Beginning February 14, Capitol gave hot meals to over 20,000 children in day-care centers of 14 towns.
Just the other day, Governor Gwendolyn Garcia together with Secretary Cerge Remonde of the Presidential Management Staff and members of the Provincial Board personally handed a check worth P454,000 to Argao Mayor Edsel Galeos for the implementation of the GWEN project there. — Mitchelle L. Palaubsanon/MEEV
- Latest
- Trending
