Microloans to 16 Entrepreneurs in the Philippines

Summary

Opportunity and its network of nine Philippines microfinance organizations started operations in Manila in 1981 and currently serve over 600,000 active clients.

What is the issue, problem, or challenge?

Poverty is a significant problem, but in combination with inequality, it poses a serious threat to stability in the Philippines. In 2006, almost 27.6 million people lived below the Philippines' poverty threshold. This represents 26.9 per cent of Philippine families and 32.9 per cent of the population. According to international data, 44 per cent of the population subsisted on US$2 or less a day. Recent food price increases are estimated to push another 2.7 million people into poverty.

How will this project solve this problem?

Opportunity and its network of 9 Philippine microfinance organizations started operations in Manila in 1981 and currently serve over 600,000 active clients. In the past five years, Opportunity International in the Philippines has grown six-fold.

Potential Long Term Impact

Opportunity Kauswagan Bank is a bank for the poor created from merging Opportunity NGOs. Help reach the goal of 400,000 new clients by end of 2010, including important savings services.

Project Message

"I still wanted to have another business because my children will be going to college and I know that an expense for a college education is not a joke."
- Salvacion Fernandez, TSKI Loan Recipient

Resources