MABS Marks 10th Anniversary
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The MABS Program marked its 10th anniversary with a ceremony recognizing its partners and clients. Secretary Cerge Remonde, Director-General of the Presidential Management Staff, and United States Ambassador to the Philippines Kristie Kenney helped mark a decade of successful partnership between the USAID, RBAP, and MABS participating banks. In her message, Ambassador Kenney highlighted the successes of rural banks and the microentrepreneurs that they serve. “RBAP-MABS has demonstrated that microentrepreneurs are bankable and credit worthy, and that rural banks can make a good return from microfinance services”.
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As of June 2007, the Program’s 337 participating bank units have disbursed a cumulative total of more than PhP13.7 billion (approximately US$264 million) totaling more than 1,144,000 microloans to more than 399,000 new microborrowers. In the first six months of 2007, more than 157,000 microloans totaling approximately PhP 2.4 billion (US$49 million) have been disbursed. From January 1998 up to June 2007, the number of microdeposit accounts increased by 410,000 with banks now serving more than 1.2 million microdepositors. The microdeposit balance increased during this same time period by PhP699 million to reach a total outstanding microdeposit balance of more than PhP 1.6 billion (more than US$34 million). As of June 2007, MABS PBs’ loan portfolio balance totaled more than PhP1.1 billion (over US$24 million), comprising more than 167,000 active borrowers.
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United States Ambassador to the Philippines Kristie Kenney (third from left) helped mark the 10th anniversary of the MABS Program. With Amb. Kenney are (left to right) MABS Chief of Party John Owens, Bangko Kabayan President Francis Ganzon, Mindanao Economic Development Council Chairman Virgilio Leyretana, USAID Mission Director Jon Lindborg, and Rural Bankers Research and Development Foundation Chairman William Hotchkiss.
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