500,000 Milestone Achieved in the Philippines
Opportunity International, March 20,2006
Another major milestone toppled in March, when Opportunity’s partner programs in the Philippines reached — and surpassed — their target of financing 500,000 microbusinesses.
These loans — serving mostly women, with an average family size of five — enable clients to increase income and create jobs for others in the community. As result, the 500,000 microbusinesses touch more than 2.5 million poor Filipinos.
Eighty-six percent of Opportunity International’s clientele are women, who use their profit to provide nutritious food for their families, send children to school, pay for medical expenses, hire employees and further invest in their businesses.
Opportunity International’s 2010 goal for the Philippines is to finance 1 million microbusinesses annually. “Over the last eight years, Opportunity’s program in the Philippines has grown from financing 30,000 microbusinesses to more than 500,000 annually — a compound annual growth rate of over 42 percent,” said Christopher Crane, President and CEO, Opportunity International – US.
In the Philippines, Opportunity International operates at 113-percent financial sustainability, with a portfolio at risk > 30 days of 2.5 percent, an outstanding portfolio of more than $36.9 million and an average loan size of $117, a strong indicator of its commitment to serving the very poor.
