Over the years, the Philippine microfinance sector has achieved significant headway in providing financial services to the poor - most evident in the number of outreach - but huge gaps still remain. The current nature of microfinance outreach highly contrasts the state of poverty in the country.
In March 12, 2010, MICRA Philippines held a conference to promote innovative products, approaches, and practices in microfinance that address this issue. Nearly 200 participants representing 89 organizations (microfinance providers, government agencies, development organizations and commercial institutions) attended the event that took place at the Asian Institute of Management (AIM) Conference Center.
Prof. Ronald Chua, the conference’s keynote speaker, highlighted that while poverty has remained largely a rural phenomenon affecting mostly farmers, microfinance services are concentrated in the urban areas benefitting only those with regular cash flow. Innovations especially in the areas of product offering and delivery systems are necessary to meet the challenge of deepening outreach.
The conference featured foreign and local experts in core banking solutions, microinsurance, housing microfinance, agriculture microfinance, SME lending, and social performance management. Heads of leading microfinance institutions also shared their experiences in these areas.
