Workers’ Microfinance Program
Program Title: Workers' Microfinance Program (KALINGA para sa mga Manggagawa Fund)
Program Objectives:
- To alleviate poverty among target workers through micro entrepreneurial activity;
- To support employment generation and promotion of workers entrepreneurship; and
- To facilitate the access of workers to credit services to finance their livelihood and entrepreneurial activities.
Eligible Sub-Borrower:
- Displaced workers in the formal, informal, and public sector;
- Workers with existing micro-enterprise venture needing expansion; and
- Workers with no existing micro-enterprise but:
- Are willing to engage in such endeavor;
- Have participated in appropriate livelihood/entrepreneurial training;
- At least one (1) year residency in the area;
- The micro-enterprise should have weekly or daily income;
- Must be 18-65 years old;
- One member per household can apply;
- Not presently employed or has no full-time employment;
- No existing loan with a microfinance institution (MFI)/People's Credit and Finance Corporation (PCFC); and
- Household monthly income of not more than P10,000 or below the poverty threshold.
Eligible Sub-Projects:
- Handicraft and small manufacturing (i.e. rug making, basket making, etc.);
- Services (i.e. tricycle operation, barber/parlor shop, repair shop, etc.)
- Food production/processing (i.e. meat processing, candy making, bakery, etc.)
- Small agribusiness projects (i.e. small piggery/poultry, cutflower production) and production loan for non-traditional crops (i.e. vegetables) but should be supplemented by a business activity which yields a daily income; rice and corn and other traditional crops are excluded; and
- Market vending and small trading (i.e. sari-sari store, fish, vegetables vending)
Loan Purpose: Financing of livelihood and entrepreneurial activities
Terms/Requirements:
Amount:
- 1st loan - not more than P6.000.00
- 2nd loan to subsequent loans - upon evaluation of the MFIs, based on the previous performance of the sub-borrower
- A gradual increase may be given subject to the needs of the borrower and should be supported by a cash flow statement.
- The maximum loan amount is P150,000.00.
Interest Rate: Shall be based on market rate
Maturity / Repayment: Shall be based on the sub-projects cash flow and the sub-borrowers' overall repayment capacity.
Procedure:
Step 1: Worker/Sub-borrower fills up registry form in the Public Employment Service Offices (PESO) located in all Municipal and Provincial government offices, DOLE Regional Offices and attached agencies.
Step 2: DOLE ROs and attached agencies or PESO evaluate and refer application to any PCFC-accredited microfinance institution (MFI) operating in the area.
Step 3:
- MFI conducts credit investigation.
- Qualified sub-borrower is advised to attend compulsory group training.
- If borrower passes examination, loan is released.
Step 4: DOLE-ROs and attached agencies/PESOs monitor results of referrals.
Contact Details:
Department of Labor and Employment - Bureau of Rural Workers (DOLE-BRW)
9F, G.E. Antonino Building, T.M. Kalaw and J. Bocobo Streets, Ermita, Manila
Phone: (02) 527.5857, 404.3336
Fax: (02) 527.5858
E-mail: brwmain@meridiantelekoms.net
Web: www.brw.dole.gov.ph
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