QC tops other LGUs in microfinance

Quezon City reported that it has released P600 million worth of loans to residents under its Sikap Buhay microfinance program, making it the local government unit that has the most funds given to provide economic empowerment assistance to the urban poor.

The Sikap Buhay Entrepreneur and Cooperative Center (SBECC) reported the big jump over the P500-billion mark after Mayor Feliciano Belmonte Jr. signed this week a memorandum of agreement that formally designated Uplift Philippines, Inc. as the seventh Sikap Buhay conduit for loan releases. Uplift’s executive director, Edmon Sison, represented the new conduit at the signing ceremony.

SBECC head La Rainne Abad-Sarmiento said Sikap Buhay loans had peaked to a total of P599,348.57 as of April because of the participation of another new conduit, the Center for Community Transformation.

The other conduits are the Cooperative Rural Bank of Bulacan, Novaliches Development Cooperative, BuroCredit, ASA Foundation and Bagbag Multipurpose Cooperative.

The Sikap Buhay program has about 35,000 active members or loan borrowers, with a repayment rate of 95 percent.

Belmonte recently described the loan beneficiaries “as an inspiration in the city government’s continuing war against poverty,” and that they “have proven that the poor borrowers can be trusted in loan assistance and repayments.” – Perseus Echeminada