The Office of the Vice President (OVP) is set to work with microfinance institutions (MFIs) to help poor communities improve and sustain their livelihood amid rising prices of goods and services.
Officials from the OVP met with several MFIs this week to discuss possible partnerships on the matter under Angat Buhay, the office’s flagship anti-poverty program.
Under these partnerships, the office hopes to help cushion the impact of rising prices on Angat Buhay communities and individual beneficiaries, by giving them direct links to markets, and introducing them to ways on how to sustain their businesses.
The MFIs expressed willingness to engage in the endeavor, noting that small enterprises need to be versed in new technologies as well as on faster ways to produce and sell their goods.
The OVP is looking into linking beneficiaries of its livelihood grants to the MFIs involved, as well as to expand the services of these organizations in Angat Buhay priority areas and those reached by its Metro Laylayan program.
With rural development as one of its main pillars, the OVP, under Angat Buhay, has extended some P4.59 million of livelihood subsidies to 276 beneficiaries in a total of 15 municipalities around the country.
This includes assistance for livelihood pursuits like weaving, hog-raising, organic farming, dressmaking, abaca fiber production, and virgin coconut oil processing.
For this year, the OVP is looking into possible interventions on livelihood and enterprise development for sectors including: parents of children in conflict with the law and children at risk; families of victims of extrajudicial killings; women weavers; and farmers.