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PIA Press Release
2006/10/18

DSWD holds pulong-pulong on micro-finance program

Quezon City (18 October) -- In preparation for the implementation of the government’s micro-finance program for poor families, the Department of Social Welfare and Development shall conduct an intensive information campaign in the target areas to explain the mechanics of the program.

Social Welfare and Development (DSWD) Secretary Esperanza I. Cabral has ordered DSWD Field Offices in Regions IV A and B, V, VIII, X, XII and the Cordillera Administrative Region to immediately conduct a “pulong-pulong” with the barangay officials and municipal social welfare and development officers on the micro-finance program. The “pulong-pulong” shall be held simultaneously in the seven (7) regions starting October 16.

Secretary Cabral said that Project Evaluation Officers (PEO) from the concerned DSWD field offices in the seven targeted regions will conduct the “pulong-pulong.” They will be discussing the important aspects of the micro-finance program such as the 18 percent interest rate, the loanable amount based on proposed micro-enterprise project, and the masterlisting of potential borrowers.

“I am confident that the DSWD personnel will acquit themselves well in providing opportunities to the unserved families to improve their socio-economic condition through this program,” Secretary Cabral added.

Under the DSWD microfinance program, a minimum of P5,000 and a maximum of P50,000 loan assistance can be provided to the borrower to start a business.

Secretary Cabral also said that the government shall not be extending grants or subsidized loans under this program.

Secretary Cabral has instructed the DSWD regional directors to also conduct masterlisting of potential borrowers during the “pulong-pulong.” This will give the DSWD an estimate on the number of potential borrowers. Potential borrowers are those living below the poverty threshold set by the National Economic and Development Authority.

Secretary Esperanza I. Cabral said the DSWD was tasked by President Gloria Macapagal-Arroyo to be the lead agency in providing micro-finance to 47 municipalities identified by the People’s Credit and Finance Corporation (PCFC) as currently unserved areas.

The livelihood support program to be provided by the DSWD shall include social preparation and capacity-building activities to assist the targeted clientele to access financial assistance from participating financial institutions at the soonest possible time. (DSWD-Social Marketing Service) [top]

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