October 20, 2024 | 12:00am
MANILA, Philippines — Standard Chartered Bank (SCB) Philippines has launched a program supporting women and youth micro-entrepreneurs to promote greater financial inclusion.
The bank has rolled out its Lifting Participation of Women Youth through Micro Entrepreneurship and Digital Adoption program, in partnership with micro finance institution Alalay sa Kaunlaran Microfinance Social Dev’t Inc. (ASKI).
Under its global program Futuremakers, the foreign bank seeks to promote greater financial inclusion by improving the economic participation of women in the community.
“Through this micro-financing program, the bank is able to promote wider financial inclusion by supporting women-led micro enterprises, giving them more market presence for their businesses,” SCB head of corporate affairs, brand and marketing Mai Sangalang said.
“Through Futuremakers by Standard Chartered, we are able to help more disadvantaged youth, particularly women, to be empowered through greater economic participation,” she added.
The program is set to run for three years, providing access to micro financing for over a hundred of women and youth in selected provinces across Region 3, including Nueva Ecija, Bulacan, Aurora, Pampanga and Tarlac.
The funds from the program will allow beneficiaries to grow and expand their start-ups or existing businesses on digital adoption like e- commerce, e-wallet and use of social media platforms for selling and marketing.
The program will also provide capability trainings on digital technology, business management and budgeting.
Loan amounts under the program would range from P50,000 to P100,000 at zero interest with longer repayment terms, SCB said.
“ASKI’s partnership with Standard Chartered Bank recognizes the vital role of youth in driving microentrepreneurship while embracing digital innovation,” ASKI executive director Jane Manucdoc said.
“The project provides our beneficiaries with the necessary tools, skills, and opportunities they need to thrive in today’s rapidly evolving economy,” Manucdoc added.
The micro, small and medium-sized enterprise (MSME) sector is the driving force of the Philippine economy, accounting for 40 percent of gross domestic product and 63 percent of total employment, a survey from the Asian Development Bank showed.
The sector had more than 950,000 MSMEs as of 2020, the majority of which were owned by women. But women-led MSMEs continue to face obstacles to accessing and using financial services and products, including digital financial services.
“Futuremakers seeks to address these gaps by providing access to low-interest funds and enabling them to utilize the digital space to grow their businesses,” the bank said.
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