Help Vendors Climb Out of Debt in the Philippines
SummaryPull a micro-entrepreneur out of the cycle of debt. This project provides financial literacy training, pays off moneylender debts, and offers commitment savings accounts. |
Received $11,950 from 36 donations from people like:
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More Information About this Project
Project Needs and Beneficiaries
Many small vendors in the Philippines borrow at high interest rates from moneylenders in order to operate. Yet many of these individuals end up falling into unproductive cycles of debt. This project targets 1,000 vendors in public markets in and around Cagayan de Oro city. A previous survey in Cagayan de Oro shows that more than 95% of the vendors borrow from high-interest moneylenders.
Activities
Vendors will be provided with financial literacy training, a savings device that restricts withdrawals, a debt pay-off, or a combination of the three treatments.
Funding Information
Total Funding Received to Date: $11,950
Remaining Goal to be Funded: $3,050
Total Funding Goal: $15,000
Additional Documentation
This project has provided additional documentation in a Microsoft Word file (projdoc.doc).
Resources
Why this Project is Important
Potential Long Term Impact
Pulled out of the cycle of debt, vendors will be able to devote resources to productive enterprises. Vendors may be less likely to fall into debt traps in the future.
Project Message
This project explores why and how microentrepreneurs fall into debt traps--the results would be extremely useful in designing financial products and services that improve their well-being.
- Tomoko Harigaya, IPA Philippines Country Director
Who is Running This Project
Contact
Kareem Haggag
Project Associate
85 Willow Street
Building B, Second Floor
New Haven, CT 06511
United States
203.772.2216
Email:
Project Sponsor
Organization
Innovations for Poverty Action
101 Whitney Ave.
New Haven,
CT
06510
United States
203.772.2216
http://www.poverty-action.org
Innovations for Poverty Action's Current Projects on GlobalGiving
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 Help a Student Stay in School in Uganda |
 Protect and Invest in Farmers from Ghana |
Where this Project is Located
Country
This project is located in 
Philippines
and can also be found under 
Microfinance.
For more information about Philippines, read the Human Development Report on Philippines or the Wikipedia entry for Philippines.
When this Project was Updated
Last Updated
This project was last updated on November 6, 2009.
Date Added to GlobalGiving
This project was added to the GlobalGiving project catalog on January 2, 2009
How Else You Can Help
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