Sikap Buhay beneficiaries reach 15,000

The Puhunang Pangkaunlaran ng Sikap Buhay (PPSB), a livelihood assistance program of the Quezon City government, has now benefited at least 15,000 residents, mostly housewives seeking to augment the family income.

Quezon City Mayor Feliciano Belmonte Jr., quoting reports from La Rainne Abad Sarmiento of Task Force Sikap Buhay, said that since the program was launched in April 2002, the original membership of 248 has soared to 15,000 members.

"There are indications this early that Sikap Buhay will be attracting more first time borrowers this year," Belmonte said.

The Sikap Buhay program is a Grameen-type of micro financing, meaning there is no collateral needed in securing loans because loan borrowers themselves are the guarantors of the co-members in the group.

Most of the non-collateral loans for small entrepreneurs are released by conduits like the Cooperative Rural Bank of Bulacan (CCBRB), the Novaliches Development Cooperative (NOVADECI) and the Euro Credit and the ASA Foundation.

Loans for PPSB members range from P 5,000 to P 50,000, depending on the capability of the member to pay on time. The program has registered an almost 100 percent repayment rate among borrowers.

The National Livelihood Support Fund (NLSF) and the Land Bank of the Philippines provide the financial assistance to the program.