The Philippines is a country of tremendous diversity of languages, religions and cultures. 30% of its 95 million people live in dire poverty. While the country has made great strides in development, 60% of the population is still employed in the informal economy, running small businesses not recognized by the government and out a living day to day. These are the people who need microfinance, a sustainable way to eradicate poverty.
Opportunity provides K-Bank and its other Philippines microfinance institutions with support ranging from market research toward more effective client segmentation to a range of product and operations improvements to help clients get ahead.
For many poor families, microfinance is key for putting more food on the table and access to education. With loans, individuals use their own entrepreneurship to lift themselves out of poverty, at the same time increase employment and local economy.