The national government through its program on micro, small and medium enterprise development has so far, released P7.902 million in loans for active microfinance clients in Western Visayas.

The amount was released to 457,716 active microfinance clients in the region, based on the figures provided by the state-owned People’s Credit and Finance Corp.

New jobs generated under the program totaled 149,645 as of February 2008, translating to loan releases of P3.574 million.

Last week,    Presidential Management Staff Secretary Cerge Remonde said the government has P80 billion available for microfinance programs this year.

Remonde, the oversight official for MSME development, said microfinance loans are made available to the people through local organizations and rural banks.

Since 2004, the government has release of P213.77 billion in loans to 3.76 million active microfinance clients and SME accounts, generating about 2.18 million new jobs.

In 2007, P54.52 billion was released to 1.15 million microfinance clients and SME accounts, with 677,281 new jobs generated.

In Negros Occidental, microfinancing is made available through local partners such as the Negros Women for Tomorrow Foundation.

Remonde said the repayment rate in microfinance loans is impressive at 98 percent range, and with 92 percent of the borrowers being women.*NLG

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