Grameen Foundation, JP Morgan deliver relief in PH
GRAMEEN Foundation announced the launch of Covid-19 Relief (Response to Enhance Livelihoods of Individual Entrepreneurs and Families) in the Philippines. Supported by JP Morgan, the program will provide immediate relief and longer-term recovery support to 3,500 women entrepreneurs running microenterprises.
“JP Morgan understood early that relief and recovery of individual entrepreneurs, especially women, would be a critical step to ensuring the economic resilience of the Philippines in this time of crisis, and we are proud to partner with them on this important initiative,” said Steve Hollingworth, president and chief executive officer of Grameen Foundation.
The enhanced community quarantine ( ECQ) restricted local travel and stores, businesses and offices had to close, which severely impacted the livelihood of much of the population.
What’s more, Microfinance Institutions ( MFIs) that traditionally support microentrepreneurs with financial and nonfinancial services, such as access to essential health, business and government information and linkages to additional services, are also facing constraints sustaining their businesses.
“JP Morgan is committed to helping address the impact of Covid-19 in communities around the world. Here in the Philippines and through our partnership with Grameen Foundation, we are tackling inclusive recovery with a focus on supporting the most vulnerable individuals as they go through these difficult times,” said Carlos Ma. G. Mendoza, senior country officer — JP Morgan Philippines.
To implement this program — one of several in its overall Covid-19 Relief initiative — Grameen will target vulnerable individual female microentrepreneurs and their families located in Metro Manila and Cebu City. Grameen will collaborate with and provide technical assistance to selected partner MFIs to reach these entrepreneurs.