Wednesday, May 6, 2009

Philippine Postal Savings Bank launches new Microfinance program

Microfinance: Philippines

For readers out there who never thought their post office could double as a bank... think again.

Japan Post is said to be the largest holder of personal savings accounts in the world, with 224 trillion yen ($2.1 trillion) in household savings assets. The holding account for 25% of total household savings in Japan. Pretty substantial no?

The Philippine Postal Savings Bank (PPSB) has just announced it plans to launch a new microfinance facility for drivers and conductors belonging to transport cooperatives or associations accredited/ registered with the Philippines Office of Transportation Cooperatives.

"Under the microfinance facility, a transport cooperative or association can avail of an interest-free and no-collateral capital seed fund amounting to P5,000 per beneficiary. A group of 30 beneficiaries can borrow maximum of P150,000 for a one-year term."

Click here to read more on this development from Business World Online