Magarao hilots’ project NCF Foundation Day awardee
THE Magarao Hilot Association is 73rd Foundation Day awardee of the Naga College Foundation for their indigenous community revolving fund project, a community-based microfinancing system intended at increasing family incomes of marginalized groups and the working poor who are becoming victims of 5-6 and similar lending schemes. The project is designed by the Naga College Foundation, Center for Corporate Social Responsibility adapted from international non-bank microfinancing projects for the poor and marginalized sectors.
The 25-member project is the first that has successfully completed a 12-months implementation of a community-based microfinance system. Upon evaluation of the NCF-CCSR the project has initially assisted 17 small livelihood and enterprise projects of their members. It has generated P113,616 or 127% return on their original capital of P50,000 for 12 months. This amount is net, or does not include the individual members’ retained profit shares.
The system is now being promoted to more people’s organizations, Local Government Units and the private corporate sector for partnership and support.