But after undergoing seminars on the Puhunang Pangkabuhayan Sikap Buhay, a collateral free loan and livelihood training program of the Quezon City government, she was able to borrow an initial amount of P5,000 in 2002. The money allowed her to put up a business selling balut.
After two years, her income had reached P20,000 a month, allowing her to repair their house, purchase appliances and keep the rest for savings.
Pineda is among the more than 5,000 women beneficiaries who are now in the forefront in the fight against poverty, which is among the major concerns of the city government.
Larainne Abad Sarmiento, head of the Task Force Sikap Buhay that oversees the livelihood program, said that as of yesterday, there were about 6,258 beneficiaries of the non-collateral loans and training program since it was launched in January 2002 by Quezon City Mayor Feliciano Belmonte Jr.
"At least 90 percent of our beneficiaries are women, who are now engaged in small businesses in their localities," Sarmiento told The STAR.
Belmonte, through an executive order dated Jan. 16, 2002, created Task Force Sikap Buhay to promote self-reliance for underprivileged residents of the city.
Sikap Buhay is geared toward the alleviation of poverty by providing livelihood and employment opportunities, giving access to micro financing and harnessing technical and entrepreneurial skills of residents.
Sarmiento said since its creation, Sikap Buhay has released P63 million in loans. And because the livelihood scheme has a perfect repayment rate of 100 percent, it is now attracting more conduit banks to participate in the program.
Among the major partners of the Quezon City government in the lending program are the Cooperative Rural Bank of Bulacan Inc., Novaliches Development Cooperative, Euro Credit Cooperative and the National Livelihood Support Fund.
An interesting facet of the livelihood program is that majority of the borrowers are women, consistent with the Quezon City government’s recognition of the major role played by women. The city is the first local government in Metro Manila to enact the Gender and Development Code.
The Sikap Buhay program begins with a screening and livelihood training program for 30 to 50 individuals who are initially given P5,000 to be paid in six months with a minimal two percent interest per month.
After repayment, the beneficiaries are allowed to borrow P10,000 for the next six months, P15,000 for the third and up to a maximum of P100,000.
Sarmiento said Pineda, who borrowed P5,000 availed of P18,000 for her fourth cycle loan. She can avail of bigger loan releases if she decides to expand her balut business.