Capitol set to release loans to poor women
As soon as the mechanism for implementation is in place, the
Governor Gwendolyn Garcia said the provincial government intends to aggressively pursue its livelihood development project in all towns and cities across the province.
The governor said there have been several requests in the past for the Capitol to lend money to the poor, but she hesitated to do so without any clear plan.
Otherwise, she said, the Capitol would have been in danger of “wasting millions of precious resources if none pays back, defeating the intention of helping the poor.”
She further said those who wanted to avail themselves of the loan must do something that generates income.
The program will be patterned after the Grameen Banking System founded by Muhammad Yunus, who was awarded the 2006 Nobel Peace Prize for his work in the use of microcredit to lift millions out of poverty in Bangladesh and many parts of the world.
Yunus, in believing that each individual has both the potential and the right to live a decent life, gives loans to people who have no access to the banks to show that “even the poorest of the poor can bring about their own development.” — Mitchelle L. Palaubsanon/LPM
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