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Manila Standard
18 November 2005
© Copyright 2005, Manila Standard, All Rights Reserved

WB awards RP propoor reforms

The World Bank-assisted Consultative Group to Assist the Poor (CGAP) has cited the Philippines for implementing wide-ranging reforms that provide the poor greater access to credit.

Finance Assistant Secretary Gil Beltran said the Philippines received the CGAP Award for the Best National Committee on Microfinance category early this month in New York City after garnering more than one million microfinance clients within a short period of time.

"Microfinance is one of the best ways in addressing poverty and now the Philippines is at the forefront of this goal," Beltran said.

The Philippines received the award for its capability to generate broad-based support for the adoption of wide-ranging reforms that enabled the sector to sustain growth.

Beltran said the Philippines came up with a national strategy for microfinance that served as the government's blueprint in establishing policy to provide the poor greater access to credit.

The strategy paved the way for the rationalization of government subsidized credit programs and the passage of several laws and issuances that encouraged the private sector to deliver microfinancial services to the poor.

It also included a standard chart of accounts and financial performance indicators based on international best practices.

There are now more than 200 private financial institutions that are providing microfinancial services to the poor nationwide.

CGAP is a consortium of 28 multilateral agencies, bilateral institutions and private sector organizations that provide assistance to countries to assist their poor populations.

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