A unit of Ramon Aboitiz Foundation Incorporated (RAFI) reportedly is planning to expand its branch network as part of its efforts to help microentrepreneurs in the Philippines adjust to the COVID-19 pandemic. The entity, RAFI Micro-finance Incorporated (RMF), provides loans of up to PHP 300,000 (USD 6,277) as well as services relating to financial literacy, marketing, technology and developing value chains. RMF also operates Kaagabay Micro-insurance, which offers “social protection coverage to all the members of the family of its clients.”
The microlender is working to open branches by December 2021 in the Agusan del Norte, Albay, Bukidnon, Camarines Sur, Camiguin, Masbate, Palawan, Suriago del Norte and Surigao del Sur provinces. The following year, it plans to reach the Batangas, Compostela Valley (Davao de Oro), Davao del Norte, Davao del Sur, Laguna, Occidental Minforo, Oriental Mindoro and Rizal provinces. The expectation for 2023 is to cover six more of the Philippines’ 81 provinces.
RMF COO Jonar Dorado stated, “By [the] end of 2023, we hope to assist 1.6 million families, facilitate 1.5 million livelihoods and hit a total loan portfolio of P[HP] 8.5 billion” (USD 180 million).
Founded in 2009, RMF is a nonprofit based in the Philippines that seeks “to empower women microentrepreneurs…to become financially stable and independent.” In 2019, it reported total assets of PHP 2.11 billion (USD 44 million) and 2,035 employees. During 2020, it served 428,000 clients and opened 42 branches, reaching a total of 228 branches as of mid-2021.
RAFI, the parent organization of RMF, is active in humanitarian, environmental, educational, cultural, leadership and health initiatives.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Sunstar Cebu article
https://www.sunstar.com.ph/article/1895698/Cebu/Business/Rafis-microfinance-bares-expansion-plans
RMF homepage
https://rmf.org.ph/
RMF 2019 annual report
https://issuu.com/rafibdg/docs/rafi_20annual_20report_202019_m_20_1_/1?ff
RAFI homepage
https://www.rafi.org.ph/
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