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SEEDFINANCE
SEEDFINANCE started as a microfinance assistance programme (MAP) of CARE Philippines in 1994. It developed into a separate non-governmental organisation called Small Economic Activity Development (SEAD) in 2002, before it became SEEDFINANCE in 2007 and registered with the Securities and Exchange Commission of the Philippines as a stock entity engaging in financing activities. It has an accumulated experience of more than 16 years as a microfinance provider.
Primarily, it provides loans to local microfinance institutions (MFIs), these include local savings and credit cooperatives, rural banks and non-governmental organisations (NGOs). Loans are accompanied by technical assistance and advice to the MFIs. Its principal office is in Mandaluyong City in Metro Manila with field operations in Luzon, Cebu, Leyte, Southern Leyte, Panay, Negros, Samar, and Mindanao. It has worked with over 100 MFIs although generally it has loans outstanding to around 70 individual MFIs at any one time. SEEDFINANCE has supported loans to approximately 1.2 million persons, most of these can be classified as micro- to small-scale entrepreneurs engaged in commerce, agricultural and livestock production, and small scale manufacturing and service provision.
Specifically as part of the lendwithcare project, SEEDFINANCE has selected two MFIs. Both are located on the island of Cebu which is a one hour flight south of the capital of Manila. The first one is Lamac Multi-Purpose Cooperative (LMPC) from the town of Pinamungajan. LMPC was established by a group of 70 farmers with an initial capital of just $70 in 1973 and has now grown to possess total assets of PHP 478.4 million (approximately US$11.2 million) with over 40,000 members, of which deposits account for PHP 122 million and it operates 15 offices. The second MFI is called First Consolidated Cooperative Along Tanon Seaboards (FCCT) and has its head office in the town of Asturias. It has grown through merging with several other savings and credit cooperatives and now boasts a total of 16 offices. FCCT has around PHP200 million in assets and provides financial services caters to approximately 10,000 members. You can find out more about SEEDFINANCE at https://seedfinance.net/
SEEDFINANCE: Basic facts and figures
| Full name: | SEEDFINANCE Corporation |
|
| Established: | 2007 | |
| Average size fund placement: | US$72,604 | |
| Total number of MFI partners: | 110 | |
| Number of active MFI partners: | 77 | |
| Number of supported micro businesses: | 1.2 million | |
| Proportions of loans given to female micro businesses: | 73.7% | |
| Deposits: | None. Not allowed by local law to accept deposits | |
| Number of depositors: | None. Not allowed by local law to accept deposits | |
| Total loan portfolio: | US$7,574.494 as of October 31, 2010 |
|
| PAR at 30 days: | 3.94% |
Philippines: Basic facts and figures
| Country: | Republic of the Philippines |
|
| Capital: | Manila | |
| Official language: | Filipino | |
| Population: | 93.6 million |
|
| GDP per capita (current US$): | 3,601 | |
| Inflation: | 5.3% | |
| Human Development Index ranking: | 97 (of 169 countries) | |
| Proportion of population living on less than $2 per day: | 45% | |
| Adult literacy rate: | 93% | |
| Under 5 Infant mortality rate (per 1000): | 32 | |
| Life expectancy: | 72.3 years | |
| Currency: | Philippine Peso |
