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Wednesday, April 13, 2005
Microfinance sector assists country's poor, Pichay says
* Mindanao lawmaker cites need for Magna Carta for microfinance sector
A PROMINENT lawmaker from Mindanao vowed to support if not lead the crafting in Congress of a magna carta for microfinance to help the country fight poverty.
Representative Prospero Pichay (First District, Surigao del Sur) expressed his appreciation and support for the efforts of the micro finance industry in combating poverty in the Philippines.
In a speech during the Mindanao Micro finance Summit held at the Grand Regal Hotel in Davao City, Pichay lauded the achievements of the microfinance industry in terms of reaching a significant number of the poor, saying the industry could have reached more given the much needed funds.
He said that government should no longer compete with the private sector in directly delivering credit services to the poor.
With the success shown by the micro finance industry at present, what the government should focus on is support the industry with an enabling environment that will make the micro finance institutions expand their operations to help the marginalized some more, Pichay said.
Moreover, assistance can be directed to the capability building of the microfinance institutions and its clientele, since the ultimate goal is their empowerment, he said. (AMA)
For Bisaya stories from Davao. Click here. (April 13, 2005 issue)
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