PHILIPPINES RURAL BANKS DEVELOP MORE MICRO-FINANCE SERVICES
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[January 06, 2009]

PHILIPPINES RURAL BANKS DEVELOP MORE MICRO-FINANCE SERVICES

CEBU CITY, Jan 06, 2009 (AsiaPulse via COMTEX) --
A Cebu rural banking leader
said the sector remained optimistic and was planning to create
specific loan products and make more services available to
provide rural folk with increased opportunities for business
growth.
President of the Cebu Federation of Rural Banks Danny
Arcenas said the group was looking at introducing separate
specific products for house, mobile phone banking,
micro-agriculture and micro-insurance sometime this year.
Arcenas said these planned new products would add to the
rural banking sectors' existing range of microfinance services
that included loans, deposits and money transfer services.
He said rural banks, as government partners in countryside
development, were the micro-financing institutions (MFIs) in
areas where commercial banks do not operate.
The Rural Bank Association of the Philippines (RBAP)
identified some of these areas as farming communities,
fisherfolk, and other individuals who could not comply with the
stringent loan requirements of commercial banks.
A program called Microenterprise Access to Banking Services
(MABS) said rural banks and other MFIs reach only a third of
the more than four million families engaged in
micro-enterprises.


MABS also cited a 2002 study that placed the potential
supply-and-demand gap of microfinance at P17.2 billion
(US$367.9 billion), where the projected supply from existing
MFIs is P8.8 billion against the expected demand of P26
billion, based on the number of poor families engaged in
entrepreneurial activities.
Arcenas said his group wants to reach out to the grassroots
level with more specific products designed for specific
needs.
RBAP reported that the sectors loan portfolio increased by
21.5 per cent to P93.6 billion in 2007, due to active lending
to the agriculture sector, as well as micro, small and medium
enterprises.
As of September 2008, MABS-participating rural banks have
disbursed over 1.7 million loans totalling more than P20
billion to more than 558,000 new bank borrowers.
(PNA)

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