CARD MRI: When borrowing cost means gains
One balmy afternoon, around 30 women gather around a daycare center in a certain barangay in Laguna, discussing small-scale but sustainable businesses/investments such as sari-sari stores, which they can create in exchange of a loan.
This is a typical scene among members of Center for Agriculture and Rural Development Mutually Reinforcing Institutions (CARD MRI), who are mostly mothers in rural or poor suburban areas. The organization grants microfinance to low-income households in the Philippines, helping them find a stable livelihood.
Dr. Jaime Aristotle Alip, founder and managing director of CARD MRI, proudly shared that they have a 99.49-percent repayment rate from their three million borrowers and credited rural women entrepreneurs as good payers.
From offering microloans for small- scale livelihood activities, education, health and agriculture, CARD MRI has taken a step forward in providing a holistic approach to the needs of its clients. It provides the trainings and other educational needs through the CARD MRI Development Institute, Inc., microinsurance through CARD MBA, non- life insurance through CaMIA, product marketing services through CARD-Business Development Service Foundation, Inc. ( CARDBDSFI), pharmaceutical needs through BotiCARD, Inc., information technology needs through CARD MRI Information Technology, Inc., and leasing as business support through CARD Leasing and Finance Corp.
Under the CARD- BDSFI, the organization holds a series of one-akind fashion shows featuring Mga Likha ni Inay brand, a brand of clothing and accessories which reaches out to local artisans who are also microfinance clients of the CARD MRI group — some of whom are indigenous tribes including communities of T’boli, Mangyan, Ifugao and B’laan. These clients are given trainings on improving product quality and packaging, then they are linked to both buyers and suppliers. This way, they can be active participants of the mainstream fashion business, hence, gradually improving both their social and economic situation.
“The show served as an avenue for the makers to bring their products to a wider market which consists of private individuals and corporations,” Alip said in one of his interviews, adding that the products are now being exported to other countries such as the US, Europe, Thailand, Indonesia and Vietnam, among others.
As of May 2015, CARD MRI has had 2,874,799 clients served, including 1,541,311 active clients with loans, 6,086 educational scholarships granted and 2,324 graduate scholars.