The Philippines is a country of tremendous diversity of languages, religions and cultures. Thirty percent of its 95 million people live in dire poverty. While the country has made great strides in development, 60% of the population is still employed in the informal economy, running small businesses not recognized by the government and eking out a living day to day. These are the people who need microfinance.
Opportunity International started operations in Manila in 1981, and currently serves more than 740,000 loan clients through nine institutions covering most of the islands of the Philippines. In 2010, Opportunity is working to raise funds for Opportunity Kauswagan Bank (OK Bank). OK Bank is currently serving 34,000 loan clients and 41,500 savings clients from a number of service locations throughout the country.
Statistics about the Philippines
Population: 98 million
Population living below poverty line: 33%
Life expectancy: 71 years
GDP per capita: $3,300
Literacy rate: 93%
Population in formal labor force: 39%
