Microfinance Development Program (MDP)
Philippines
The goal of the MDP is to assist the Government in reducing poverty and promoting sustainable economic growth. MDP will assist the Government to build viable microfinance institutions (MFIs), and improve the performance of the microfinance sector, including reducing transaction costs associated with delivery of financial services and thereby increase sustained access to financial services by the poor. The poor will have opportunities to increase incomes and employment and improve their quality of life through access to sustainable and more responsive microfinance services including money transfer and remittance services that support investment and production.
The Summary Poverty Reduction and Social Strategy (SPRSS) indicates that the project involves no negative impacts for indigenous peoples (IP), rather, the project will actively pursue provision of benefits to IP through outreach and training. IP will be targeted through the Government’s Kapit Bisig Laban sa Kahirapan (Joining Arms Together Against Poverty [KALAHI]) program, which seeks to reduce poverty throughout the country. Monitoring of KALAHI has shown that some IP are relatively difficult to involve in the program, so special initiatives are being planned so they can be reached more effectively. These initiatives will pertain to KALAHI-facilitated activities under the MDP as well. In addition, the MDP will ensure that outreach to potential beneficiaries, and training programs for borrowers and savers (in financial literacy, gender, and consumer protection) and for staff of MFIs be made accessible to IP. This may require delivery of courses in remote locations and in local languages.
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