Grameen Foundation, JP Morgan deliver coronavirus relief in Phl

Grameen Foundation announced the launch of COVID-19 RELIEF (Response to Enhance Livelihoods of Individual Entrepreneurs and Families) in the Philippines. Supported by J.P. Morgan, the program will provide immediate relief and longerterm recovery support to 3,500 women entrepreneurs running microenterprises.

“J.P. 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 CEO of Grameen Foundation.

The enhanced community quarantine restricted local travel and stores, businesses, and offices had to close, which severely impacted the livelihood of much of the population. Women microentrepreneurs, and likely primary caregivers, have found it challenging to sustain their incomes due to the lockdown.

What’s more, microfinance institutions (MFIs) that traditionally support microentrepreneurs with financial and non-financial services, such as access to essential health, business and government information and linkages to additional services, are also facing constraints sustaining their businesses.

“J.P. 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. Mendoza, senior country officer at J.P. 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.

In Phase I of the program, lasting three to four months, Grameen will facilitate delivery of non-cash vouchers for pharmacies and supermarkets or in-kind packages of goods distributed through MFI centers. Existing MFI client/member data will be leveraged to develop criteria for beneficiary selections.