More than a quarter of the Philippines’ 105.7 million people live in dire poverty. The reasons are many: rapid population growth, inadequate social infrastructure, slow growth of rural productivity and lack of access to credit. While the country has made great strides in development, much 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 in need of microfinance.
Opportunity International launched its operations in Manila in 1981. Today, Opportunity Philippines serves loan and savings clients from a number of service locations throughout the country. The bank focuses on providing a secure way to save through targeted deposit products and protecting families with insurance.
Rural Expansion: The bank is striving to expand further into rural communities by leveraging technological innovations, including a pilot program that will provide 10,000 families with access to electricity in remote areas of Luzon, Visayas and in Mindanao.
Innovative Products: In a country prone to typhoons, Opportunity Philippines protects families through innovative insurance products. In 2012, Opportunity supported 3,000 families to rebuild following Typhoon Helen and the monsoons in her aftermath.
Green Charcoal: There is a high demand for charcoal in the market. After the Philippines banned the use of wood-based charcoals, Opportunity Philippines introduced green charcoal to clients. The bank distributes briquetting machines to provide sugarcane farmers with a way to earn an income during the off season. Dried leaves fuel the environmentally sustainable machines. Clients earn money by selling the green charcoal they produce.
Transformation: Training ranges from financial literacy to social and personal development modules. Our LIFE Series program provides staff and clients with insights into happy family life based on biblical principles. LIFE Series is just one component of a robust transformation program.
Additional Services Offered
- Business loans: Some Trust Group, but mostly individual lending and small/medium enterprise services
- Education finance: scholarship program
- Savings: personal, certificate of time deposits and youth accounts
- Insurance: credit life, funeral, crop and property
- Money transfers/remittances