Microfinance NGOs back Bam Aquino bid
Credit to Author: The Manila Times| Date: Sun, 28 Apr 2019 12:07:39 +0000
AT least four microfinance nongovernment organizations (NGOs) have expressed support for the reelection bid of Sen. Paolo Benigno “Bam” Aquino 4th for his efforts to expand their capacity to extend assistance to more Filipinos.
Fr. Jovic Lobrigo, president and chief executive officer of SEDP-Simbag sa Pag-asenso Inc., said the senator was instrumental in passing Republic Act (RA) 10693 or the “Microfinance NGOs Act,” benefiting millions of women and their families.
“Praying that he can continue his work in the Senate,” the group said in a statement posted on Facebook.
Eduardo Jimenez, president of Kabalikat para sa Maunlad na Buhay Inc., promised to campaign for Aquino, who, he said, collaborated and supported microfinance players even before becoming a senator.
Jimenez said that RA 10693 supported and strengthened the work of microfinance NGOs that ultimately helped micro-entrepreneurs in the country.
Mercy Abad, president of Ahon sa Hirap Inc., said Aquino had done a lot for the ordinary Filipino, adding that RA 10693 hasd “helped our sector serve thousands of families.”
“We, in the microfinance industry cannot thank him enough for what he has done to assist us in our work,” she said.
Gomby Maramba, manager for Research and Development of the Negros Women for Tomorrow Foundation, also expressed gratitude to Aquino for pushing the passage of RA 10693 as principal sponsor and co-author.
“The impact of this bill is huge for the over 7 million microfinance clients and their families in the Philippines,” said Maramba.
“It allowed us to continue with our nonfinancial services and at the same time, all microfinance NGOs are now regulated to better serve its clients,” he added.
RA 10693 sets performance standards and provides preferential tax treatment for microfinance NGOs to enable them to continue operating and serving poor Filipino communities through financing, financial literacy, livelihood and entrepreneurship training.
Aside from RA 10963, Aquino pushed for the passage of other laws for the development of micro, small and medium enterprises such as the Go Negosyo Act, Youth Entrepreneurship Act and Credit Surety Act and the Personal Property Security Act. BERNADETTE E. TAMAYO
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