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Ang Kasangga inks deal on salary loans for micro-entrepreneurs

April 4, 2010

Ang Kasangga sa Kaunlaran, Inc. (Ang Kasangga) has recently forged an agreement with different government agencies and private institutions that would help establish a salary loan program for all its qualified members.

The memorandum of agreement (MOA) was signed by Ang Kasangga Secretary General Norman Tayag with Postal Bank of the Philippines Vice President Leonard Cruz, WinAce Holdings Philippines Inc. (WHPI) Chief Financial Officer Stephen Ray Abo, and Raining Pesos Inc. President James Patrick Cassels Jr.

“With the unpredictability of the business atmosphere in the country, primarily caused by global economic recession and climate change, our micro-entrepreneurs need financial relief and would really appreciate the granting of emergency loans,” Tayag said.

Tayag explained that Postal Bank, in cooperation with WHPI and Raining Pesos, would provide bona fide Ang Kasangga members an opportunity to avail of a salary loan package after meeting the required qualifications set by the parties.

The loan application shall be done online, through the official website of Raining Pesos, who will conduct the initial evaluations and screening.

Raining Pesos will then submit the list of qualified applicants to Postal Bank, who will perform the final screening of the applicants. Once approved, the final list shall be submitted to WHPI, who shall provide a guaranty to the salary loans that will be obtained.

Ang Kasangga will establish the procedures to ensure the successful repayment of the loan by the applicant,” Tayag said.

“This agreement will create a better economic atmosphere for our micro-entrepreneurs. We are optimistic that this agreement will not only protect their current businesses but would also provide more opportunities for them to earn more,” he added.

Through the leadership of its chairman Teodorico Haresco Jr, Ang Kasangga has grown from 45,000 to 260,000 members since its inception in 2004, will continue to find ways to strengthen micro-entrepreneurs and make them adept in coping with sudden changes in the business environment.

In doing so, the government would finally recognize the vital role of micro-entrepreneurship in the country’s economic and social development, and it will, eventually, become the backbone of the Philippine economy. (30)

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