I-Web Admin

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Global Economic Crisis and Microfinance: Impacts, Implications and Initiatives (Amidst the global financial crisis, will microfinance continue to empower women? What about the prospects for job generation?)

Posted: June 16, 2009 | 03:06:01

Welcome to the online forum on Global Economic Crisis and Microfinance:  Impacts, Implications and Initiatives

This discussion thread would like to find out the consequences of global economic crisis in the realm of empowering women and the prospects of creating jobs amidst the crisis.

Ideas and thoughts on this discussion thread were initially laid down during a forum. We invite you to read on the proceedings of the forum and share with us your thoughts on the discussion.

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bec

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I-Web Admin

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I-Web Admin

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Bec, once again, thanks for taking time to participate in this on-line discussion. Actually, what I have heard is that GFC have already had its impact even earlier and not only necessarily to the microfinance sector. In some of the conferences/fora we have attended, there were cases cited where sales (usually of sari-sari stores, which are microfinance clients) have gone down thus affected repayment performance. However, I believe these cases have to be documented and to be further studied to determine the extent of effect of the GFC.  Earlier, I have asked if you have been able to download the proceedings of the forum we had in April.  The  resource person for women empowerment had some discussion on how microfinance clients have been affected by the crisis.    

We would love to hear other views on the time of GFC to impact the microfinance. Or do you believe that microfinance is not affected by the global financial crisis.

sectphilcomdev

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Joined: June 18, 2009

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This is Maya of Philcomdev (Philippine Consortium on Migration and Development). 

We have almost 9 million Filipinos abroad and every year they remit twenty billion US dollars.  Most of this goes to family consumption but there is a certain percentage that goes into investments.  Philcomdev hopes to encourage the OFs to manage their finances wisely so that they could save and increase their investments.  We need partners from among social enterprises and microfinance institutions who are already ready to receive OF investments.  However, since this is hard-earned money, we also want to make sure that these are already viable enterprises. 

Many OFs are already established abroad and do have some disposable income which they use for philanthropy. They give scholarships, donate to churches, fund small infrastructures, etc.  We endeavor to link up these initiatives to local development stakeholders - development NGOs, local governments, and others.  This way, their giving can be more inclined towards projects that will impact local development. 

Remittances in the form of OF investments and donations should be tapped by the microfinance sector, the social enterprises and local development stakeholders.

ibermuda

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