New investments in The Philippines
Triodos-Doen provided a loan of PHP 25,000,000 to Lifebank Foundation, one of the largest and fastest expanding microfinance institutions in the Philippines. Lifebank Foundation provides micro loans to poor, entrepreneurial women in rural and urban areas using the ASA (Bangladesh) model. Lifebank Foundation is mainly active in the Visayas, one of the island groups of the Philippines. The microfinance institution has more than 60,000 active borrowers and a portfolio of USD 5.7 million.
Enterprise Bank, one of the microfinance pioneers on the island of Mindanao, the Philippines, received a loan of PHP 25,000,000 from Triodos-Doen. The bank currently serves around 28,000 clients through its 11 branches and a number of satellite branches. Enterprise Bank is an entrepreneurial bank, seeking to offer the highest quality products and services in order to enhance value in work and life of entrepreneurs on Mindanao.
Femke Bos, fund manager Triodos-Doen: ‘There is a large market potential for the microfinance sector in the Philippines. It is estimated that three million poor families who live on less than one dollar per day need access to microfinance services. With the loans to Lifebank Foundation and Enterprise Bank Triodos-Doen wants to contribute to the expansion of professional microfinance services in the Philippines.’
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