October 30, 2018
For the past two years, over 3,000 entrepreneurs from Benguet, Davao City, and Albay have received microfinance assistance from the ‘Adopt-a-Branch’ program of CARD, Inc. and Aboitiz Foundation. It is aimed at providing easy, affordable access and an overall friendly experience to microfinance clients from rural and unbanked areas.
The program’s operation is patterned after the standard microfinance procedures of CARD, Inc. where the loanable amount ranges from PHP1,000 to PHP150,000 with affordable interest rate and flexible loan terms of up to one year. As of September 2018, the program has a total of PHP57.35 million loan disbursement and a 100% repayment rate.
“CARD, Inc. has been operational in these areas and we are privileged to be working with the Aboitiz Foundation. This collaboration means more resources will be made available for our microfinance clients, which would help them finance their respective businesses,” said Jocelyn Dequito, the company’s executive director.
In February 2016, Aboitiz Foundation funded PHP10 million for the operations of two unit offices of CARD, Inc. — one in Calinan, Davao City and the other in Tiwi, In 2018, the same program was also rolled out in La Trinidad, Benguet.
“Our partnership with CARD Inc. is aligned with the Aboitiz Group’s promise of advancing business and communities by co-creating safe, empowered, and sustainable communities. It enables us to provide more people with the opportunities to increase their income and lead better lives,” Aboitiz Foundation First Vice President and Chief Operating Officer Maribeth Marasigan said.
Aside from the financial support, Aboitiz Foundation also provides enterprise development training programs to its beneficiaries such as soap making and pottery.
“Capacity building is crucial in development work. We are doing this at CARD to make our microfinance approach more holistic and inclusive,” emphasized Dequito.
“The program and our collaboration with CARD, Inc. has yielded positive results. We will continue to drive change for a better world and this program is one of the efforts that we value,” said Marasigan. Aboitiz Foundation expects to reach 1,500 more entrepreneurs as it adopts another CARD, Inc. branch in Capaz, Tarlac by the end of 2018.
Dr. Jaime Aristotle B. Alip, founder and chairman emeritus of CARD Mutually Reinforcing Institutions (CARD MRI), expressed thanked Aboitiz Foundation for its support of CARD, Inc., saying: “Thirty years of empowering communities is already a milestone worth celebrating. Congratulations, Aboitiz Foundation and thank you for joining us in battling poverty in the country.”
CARD MRI is a group 21 development-oriented organizations including CARD, Inc. that aims to eradicate poverty in the country by providing microfinance and community development services.