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PIA Press Release
2008/07/30

PGMA-time microfinance loans reach P102-billion

Manila (30 July) -- Microfinance loans released under the Arroyo administration have increased by 30 times more than the P3 billion loan level upon the assumption of President Gloria Macapagal-Arroyo to office in 2001.

"In microfinance, loans have reached P102 billion or 30 times more than the P3 billion we started with in 2001," President Arroyo enthused in her hour-long 2008 State of the Nation Address (SONA) at the Session Hall of the House of Representatives.

Congratulating borrowers for their record 98-percent repayment rate, the President cited the major micro-finance lenders led by Land Bank with P69 billion.

Earlier in her SONA, the Chief Executive had also cited the Land Bank for having "quadrupled loans for farmers and fisherfolk - that is fact not fiction. Check it."

Aside from Land Bank, President Arroyo also cited the Peoples' Credit and Finance Corporation (PCFC) which lent out P8 billion; the National Livelihood Support Fund (NLSF), P3 billion; the Development Bank of the Philippines (DBP), P1 billion; and the DSWD's Self-Employment Assistance-Kaunlaran (SEA-K) of the Department of Social Welfare and Development (DSWD), P800 million.

The President also thanked the entrepreneurship campaign 'Go, Negosyo,' and its creator, Joey Concepcion, "for partnering with us to unleash the entrepreneurial spiritů" (PIA-MMIO) [top]

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