LIVELIHOOD FOR WOMEN
Since its establishment in the mid-1980s, Card MRI has been providing women access to financing to allow them to start their own business.
The world has changed. It opens a lot of opportunities to women who were only seen as housewives before. Women are now on the rise from the bottom-pit status in the society and a lot of stories have been told about them competing in the business industry, an industry which is undeniably dominated by men.
There is one company that has seen the capability of women to earn and make a living on their own. Since 1986, Card Mutually Reinforcing Institutions (Card MRI) has been taking a social development initiative to alleviate poverty and has enlisted
5,595,007 total number of clients served at present, where 95 percent are women.
Card MRI is a group of 21 mutually reinforcing institutions with a common goal of eradicating poverty in the Philippines. Out of 21, they have four microfinance institutions (MFIs) spread from the different parts of the country to reach out socio-economically challenged women and families, especially in the rural areas where access is difficult.
The microfinance-oriented companies are Center for Agriculture and Rural Development (Card), Inc. (A Microfinance NGO), Card Bank, Inc., Card SME Bank, Inc. and Rizal Bank, Inc.
Card offers microloans to support the livelihood activities of poor women and initiates programs in education, health, and agriculture, while Card Bank, Rizal Bank, and Card SME Bank offer loans and savings products tailored-fit to the needs of microfinance clients. Card SME Bank, however, offers larger loans.
Flordeliza Sarmiento, Managing Director of Card MRI, said providing families with financial access is the first step towards poverty eradication and that it will enable them to own assets, invest in businesses, and save for the future.
“Our view of development is participative; we encourage our clients to take part in the process of getting out from poverty,” Sarmiento said.
“All our financial services have minimal interest rates. This is to also generate more funds to be able to reach more communities who want to establish their own businesses,” she added.
Sarmiento further said they recognized that microfinance on its own is not the only solution and that poverty comes in all forms; it can be seen in the lack of access to education, health, and other social needs.
Some people would say that it is impossible to totally eradicate poverty. Women, however, are encouraged to join for the hope that they might be one of those who succeed with the guidance of the company and their will to get out of the claws of poverty.
From Davao City, Evelyn Fulgerinas of Pabahay Realty Services was also a member of CARD Bank, Inc., and like the rest of clients, she started with a P5,000 loan used as additional capital to the business she wanted to start. Although the amount was small, Fulgerinas said that it also helped them get through their immediate needs, until the loan she was allowed got tripled and bigger on the years that followed.
Carmelita Dapanas, for instance, has been a member of CARD, Inc. in Manticao, Misamis Oriental since 2011. She was awarded the Citi Microentrepreneurship Awards for Agri Micro-Business on December 6, 2017 at the BSP for her semi-hydroponic and greenhouse farming practices. She also started with a small capital from CARD, Inc. and used it to start a business that she always wanted to do.
Another one who made it on top is Carmela Delfin from Midsayap, North Cotabato who was a Pagkilala sa mga Likha ni Inay (PSMLNI) awardee in 2017 for her Agricultural Machineries business. PSMLNI is an annual awarding of CARD, Inc. to clients who did not only grow and mature in businesses but also in life.
There are also other women who may not have been recognized by national awards, but were able to help their children achieve their dreams through a humble sari-sari store, native slipper-making business of women in Baguio City, fish stalls of women in Compostela Valley, fruit stalls of women in Mati City, etc. And that for them were their greatest achievements.
Digitization, greatest challenge
“Digitization is now the new direction of the financial sector. This is quite challenging on the part of the microfinance industry because first, this is expensive,” Sarmiento said.
Sarmiento further said that not all microfinance institutions (MFIs) have the capacity to make investment on digitization that would led to high competition in terms of outreach.
CARD MRI chose the path of uncertainty an invested in digitization even if change could sometimes be difficult to embrace. Majority of the clients of the company are women in their early 40s and some are in their 50s, most of them are not exposed to the advancement of technology and would want to remain the traditional ways of CARD MRI,
Sarmiento said investing in technologies will enable MFIs to serve its market better.
“Recently, we launched the cardless cash machine (ATM) wherein the clients can withdraw their savings without using their Matapat ATM card and Pledge Savings Account passbook. Through the konek2CARD, a QR code is generated that will be used by the clients in their withdrawals,” Sarmiento said indicating their willingness to take the risk and improve than staying on the same line and be left behind.