Microfinance: Cory Aquino’s Dream

LACK of data and elections have given pause to the dream of the late President Corazon Aquino to have 5 million Filipinos access P5 billion in credit by 2011.

“We were overtaken by events. But we’re still trying, as you can see, to be faithful to the [late] President’s wish,” PinoyME Foundation chief executive Danilo Songco said.

Songco, an unabashed supporter of Mrs. Aquino, spoke to reporters on the fourth anniversary of the group that she launched in 2006, the 20th year of the People Power Revolution that brought her to leadership in 1986.
“This is really her dream since she said during her presidency that when women have access to microfinance, they don’t ask her for money.”

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How Microfinance Works?

How microfinance works?

That is the BIG QUESTION.

To set the tone straight, let it be known that this is not a scholarly work. I drew only from my experiences as microfinance practitioner, from my readings and from my trainings for over ten years of doing microcredit.

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While you are here to know how microfinancing works, I suggest that you still read why we have to focus on microloans and what is the origin of this concept.

Sources of Microfinance

Like what I asserted in my post on origins of microfinance, the system is a broad concept but it has only five important essences