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| From Jeff Rutt |
In 1997, Jeff Rutt established HOPE International, a Christian-based nonprofit organization committed to alleviating the underprivileged conditions of communities worldwide through discipleship and micro financing.
The Philippines is one of 16 countries that continue to benefit from the micro-financing projects of the foundation. Recognizing the crucial role of the microfinance industry in the country, the Central Bank of the Philippines (Bangko Sentral ng Pilipinas of BSP) was mandated by the General Banking Law to institutionalize and regulate micro financing within the banking sector in 2000. In the same year, the BSP declared microfinance as its flagship program in accordance to the General Banking Law’s pro-poor mandates.
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| Jeff Rutt photo credit: infohub.ph |
Marcosa Igot, a native of Lapu-Lapu City, is one of the many housewives who sought the assistance of Jeff Rutt and HOPE International. The wife of a humble factory worker and mother of five children, Marcosa was determined to start her own business to supplement her husband’s meager wage. In the early 1990s, she began a handicraft business with a capital of P50,000. In spite of economic challenges, she has managed to grow her business, exporting her hand-woven box frames and baskets abroad.
According the BSP, 202 banks have granted P7.3 billion to over one million micro entrepreneurs in the span of a decade. In its commitment to improve existing laws, the BSP issued Circular No. 744 on December 28, 2011. The mandate decrees that a borrower who shows the capacity to pay can loan a maximum of P300, 000.
The Economist Intelligence Unit (EIU) distinguished the Philippine microfinance industry as the best in terms of regulatory framework. It also ranked second place in terms of overall business environment.
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| From Jeff Rutt |
More information about Jeff Rutt and HOPE International can be found at www.hopeinternational.org.
