Wednesday, November 17, 2004
Plantersbank microfinance affiliate gets USAID support
Planters Development Bank affiliate Davao-based Micro Enterprise Bank (MEB) entered a partnership with the United States Agency for International Development (USAID) to further develop the service capability of MEB for micro enterprises and the country’s low-income, self-employed sector.
The partnership allows MEB to tap training and advisory services under the Microenterprise Access to Banking Services (MABS) program. MEB will also receive institutional support like progress monitoring and supervision.
Micro Enterprise Bank is the first micro finance thrift bank to participate in the MicroEnterprise Access to Banking Services (MABS) program. Previously, MABS only involved rural banks.
“This occasion brings together institutions and organizations that have a common passion to assist in the development of the micro enterprise sector in the country,” according to Plantersbank chairman and chief executive officer Ambassador Jesus P. Tambunting.
“We envision that more and more micro enterprises will benefit from the assistance from the formal banking services that would help them grow their businesses, become more successful and generate more employment in the country,” he added.
Plantersbank announced on October 27 that it is increasing its ownership stake in Micro Enterprise Bank. MEB is jointly owned by the International Finance Corporation, the Netherlands Development Finance Company and Plantersbank.