The Philippine STAR 03/21/2006
1st Valley Bank, a rural bank with 12 branches in Northwestern Mindanao, reached the 4,000th microloan client-mark recently. The bank recognized its 4,000th client, Rosalinda Feniza, a rice retailer and sari-sari store owner from Iligan City last March 15. The bank has been offering its microloan product since 1999.
The bank received training and technical assistance in the design, development and management of its microfinance services from the Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services Program (RBAP-MABS) Program.
The RBAP-MABS Program, a United States Agency for International Development (USAID)-supported program jointly implemented by the RBAP and the Mindanao Economic Development Council (MEDCo) under the Office of the President, assists rural banks to develop their capability to profitably provide financial services, both loans and deposits, to microentrepreneurs.
Since 1999, 1st Valley Bank expanded its operations from six to 12 branches and has provided microloans totaling more than P362 million (around $6.9 million) to more than 4,000 microborrowers. The bank has also served an additional 20,500 micro-deposit clients. The bank is also offering the MABS-developed micro agri-loan product, a new product designed to give small farmers access to microfinance services.
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