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PRRM MFI celebrates first year as consolidated microfinance institution

By Irene B. Fernandez

In celebration of its first year as a consolidated microfinance institution, PRRM Microfinance Incorporated (MFI) held a conference last October 18-19, in Camiguin, aiming to rev up its capacities for sustainability.

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The participants shared that the conference trained them on how to assess financial portfolio, budget, maximize investments, understand remittances and insurance, and overall, how to weave their dreams and plans into achieving them.

While the rest of Camiguin cheered for its annual Lanzones Festival, 22 participants attended the first microfinance conference organized by PRRM MFI. They are staff of the three branches of PRRM MFI (Camiguin, Cotabato and Albay) and its affiliate organizations (Kooperatibang Likas ng Nueva Ecija or KOOL-NE, Novo Vizcayano for Local Economy Development or NOVOLED, Rincomesa Multi-Purpose Cooperative in Camarines Sur and Kalilayan Credit Cooperative in Quezon). There were also participants from Bataan and Camarines Norte who familiarized themselves with PRRM microfinance operations in preparation for operating PRRM MFI branches by early next year.

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"PRRM MFI is at the forefront of providing financial services to different sectors that would help build and develop local economies consistent with the principles of social entrepreneurship", said PRRM MFI Managing Director and Board Secretary Marlon Palomo.

First day discussions were devoted to the manual of operations, including the core and guiding principles in implementing the microfinance program, fund management, the different products with focus on lending procedures, and parts of the accounting system, specifically the Standard Chart of Accounts which will be implemented as standard practice beginning January 2012. A presentation on effective credit and background investigation was made by MILAMDEC Deputy Executive Director Engr. Antonio Sevillano, and on the second day, the session focused on financial literacy.

The participants shared that the conference trained them on how to assess financial portfolio, budget, maximize investments, understand remittances and insurance, and overall, how to weave their dreams and plans into achieving them. They further suggested the development of remittance products, a proposal that will be discussed in the forthcoming Board of Trustees meeting.

The conference ended with the reiteration of PRRM MFI core values – social and financial inclusion for local economic development through social entrepreneurship. According to PRRM MFI Managing Director and Board Secretary Marlon Palomo, this means that PRRM MFI is at the forefront of providing financial services to different sectors that would help build and develop local economies consistent with the principles of social entrepreneurship.

The PRRM MFI conference was organized and facilitated by PRRM’s Sustainable Livelihood Development Program Office (SLDPO) in co-sponsorship with the International Network of Alternative Financial Institutions (INAFI) – Philippines, a network of microfinance institutions and social development organizations which provides capacity building to its members. PRRM is a founding member of INAFI-Philippines.

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