Microfinance Extends Assistance to New Areas in Regions 9 & 10

By: Emily E. EnadThe Microfinance Unit of the bank has extended its financial assistance to new areas in regions 9 & 10. The micro loans are now offered to all seventeen (17) branches of the bank and seven (7) financial solution centers.

Microfinance loans are offered to new branches of the bank like Oroquieta, Malaybalay, and Liloy as well as to the following financial solution centers: Talakag, Dumingag, Manukan, and Aurora, Bacolod, and Puerto.

As of end of July 2008, the total loan portfolio is already at Php39.6M for 3,715 loan accounts. Of this figure, Php33M or 83% is credited to FAME, while the remaining Php6.6M or 17% goes to MAP. The financial solution centers have registered a total of Php3.9M loans for 317 accounts.

While the portfolio at risk is placed at 5.31% which is above the acceptable standards, the MFU has embarked on a massive campaign to lower PAR and maintain quality loan portfolio. Everyone is practically into PAR fighting, and hopes to see positive results in the next few months.