P 282 Million loans released to micro entrepreneurs in Caraga Region

A total of P 282,134,650 loans have been released to 21,123 micro entrepreneurs in Caraga region through the Rural Micro Enterprise Promotion Program (RuMEPP).

The loans averaging at P15,000 per micro entrepreneur were availed from RuMEPP’s partner micro finance institutions or MFIs in the region.

Caraga has eight (8) partner microfinance institutions for the RuMEPP program. They include the six pioneer MFIs - Green Bank of Caraga, Peoples Bank of Caraga, Enterprise Bank, Talacogon Multipurpose Development Cooperative, Siargao Rural Bank and Rural Bank of Placer and the more recent additions - Rural Bank of Cantilan and Socorro Empowered Cooperative.

Almost half of the total loan funds were released in Agusan del Norte amounting to P134.5 million with 13,152 borrowers mainly through the Green Bank of Caraga. Agusan del Sur got the second highest amount of loan releases from the program amounting to P67.2 million for some 2,947 micro entrepreneurs. Following closely is Surigao del Sur with P59.3 million released to 4,311 micro entrepreneurs. Surigao del Norte cornered only 7% with P21.1 million released to 527 micro entrepreneurs.

RuMEPP is a seven-year, US$22.826 million programme assisted by the International Fund for Agricultural Development (IFAD) with the Department of Trade & Industry as the lead implementing agency.

DTI’s attached agency - Small Business Corporation (SB) implements the micro finance component while the Regional Operations and Development Group (RODG) through its five regional offices and 19 provincial offices, takes care of the micro enterprise development component.

RuMEPP aims to help poor entrepreneurs and rural families in the country by providing them access to credit and other financial services coupled with business development services such as capacity-building, market linkages and product development.

The program is implemented in the poorest 19 provinces in five of the poorest regions in the country, focusing on areas with the highest potential for enterprise development. Its primary objective is to see increasing numbers of new and existing rural microenterprises expanding and operating profitably and sustainably. (DTI-Caraga/PIA-Caraga)

Share: