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First Loans to WFMC Midwives Released (continued)
The loan project was made possible through the joint effort of the Well Family Midwife clinic Partnership Foundation Inc. (WPFI), Opportunity Microfinance Bank (OMB), and the United States Agency for International Development (USAID), with support from the Development Credit Authority (DCA), Credit Guarantee Facility for Small loans of USA.
Officials of partnering organizations were present during the launching were: From WPFI Treasurer Carolina Millan and former General Manager Edmund Yang; while Chairman Ricardo B. Jumawan and President Noel Alcaide represented OMB. Also gracing the affair were USAID CTO Nilda Perez, JSI-RTI former Resident Adviser Easter Dasmarinas, IMAP President Pat Gomez, PLGMI President Cecile Banca-Santos.
In his opening remarks, Dr. Jumawan said the OMB is a unique bank as its mission is to extend credit facilities to individuals who would not have this opportunity with other banks. Their loan officers would be found in the communities teaching potential clients core values and how to pay their loan amortizations.
The launch was highlighted by the keynote address delivered by the guest of honor, Ms. Carina Stover, Chief of USAID's Office of Population, Health and Nutrition. Ms Stover emphasized the importance of making midwives aware of this loan facility, even those based abroad. "Let them know about OMB and the WPFI project and bring all of the midwives back to the Philippines so that they no longer have to leave their families behind just to earn a decent living. There is an opportunity for them and they have to know that it is now available." Stover said.
In response, Ms. Carol Millan stressed that the financial assistance program is a great boost to the professional development of WFMC midwives as practitioners and business people. She added that midwives now have the chance to enhance customer satisfaction through the improvement in the quality of their services.
The first two recipients of the loan were Gloria Amoin of Tanay, Rizal, Gertrudes Luderico of Sta. Lucia, Pasig. The aggregate released loan is Php 700,000, which will be used for the construction of a new clinic and the purchase of a service vehicle.
The loan facility was a result of several meetings, negotiations and open cooperation among the organizations concerned. The agreement was signed with OMB on September 29, 2003. Since then, the lending bank underwent several necessary structural and operational changes including reorganization of its management team, review of agreements entered into by WPFI and OMB until final approval of the lending guidelines. It is a special group loan package designed for the members and would-be members of the Well-Family Midwife Clinic network.
This new loan facility is available for the construction of clinics, including improvement, repair, refurbishing and expansion. The loans can also be used for the purchase of clinic equipment, machines, service vehicle and other clinic operations requirements of WFMCs.
There were at least 23 midwives from Luzon who signified interest in borrowing from the bank. The process starts with an orientation meeting with the bank and submission of required documents. The applications go through a series of evaluation, recommendation and ultimately, approval by the credit review committee of OMB.
While loan facility is reserved for current members, the cooperating organizations plan to extend financial assistance even to midwives outside the network only if they will join the WFMC network.
WPFI is also currently working with other lending institutions in Metro Manila, Visayas and Mindanao areas to ensure access to financing by WFMCs in the said regions. Some of these banks have already been contacted and expressed their willingness to open a group lending facility for the WFMC midwives in the region. Outside Luzon, a survey conducted late 2004 shows expressed interest from at least 48 more midwives in the network, which is an estimated P12.4 million in loans.
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WFMC members in NCR and Luzon who are interested in applying for the loan may contact WPFI for application forms and list of requirements at Telephone Numbers:
426-7947 or 426-7950
Representatives from WPFI, OMB Microfinance Bank, USAID and the Integrated Midwives Association of the PHilippines (IMAP) graced teh launching of the Financing Program for WFMC members held last March 30, 2005 at the OMB Auditorium in Antipolo, Rizal.