MANILA, Oct. 10 — In the aftermath of storm “Ondoy,” microfinance will play a key role in the rehabilitation of Metro Manila, which accounts for a third of the country’s gross domestic product (GDP).
Instead of the short-term benefits of dole-outs, microfinance is considered globally as a critical tool in fighting poverty.
In the Philippines, where 40 percent in a population of 92 million are poor, microfinance extends easy credit to entrepreneurs, among them: meat and vegetable vendors in public markets and sidewalk sellers of garments, toys, and household goods. Microfinance enables them to earn enough for their families and for the education of their children.
Microfinance reaches 5M households
