Manila: International Finance Corporation (IFC), a member of the World Bank Group, has formed a partnership with CreditAccess Philippines Financing Company, Inc. (OnePuhunan) to enhance financial accessibility and foster job creation across the country.
According to Philippines News Agency, the collaboration is facilitated through IFC's Micro, Small, and Medium Enterprise (MSME) Finance Platform. It involves a three-year senior loan agreement with OnePuhunan, including a loan of up to USD20 million and an additional mobilization of up to USD40 million. This funding is designated for on-lending specifically to women-owned or led micro enterprises in rural areas.
Daniele Rovere, the chief executive officer and president of OnePuhunan, expressed enthusiasm about the collaboration, stating, "We are happy to be working with IFC for the first time, as we expand to reach at least 1 million Filipinos by 2030." He emphasized the goal of enhancing product offerings and services to better support clients in growing their businesses and supporting their families.
OnePuhunan currently operates across 16 regions with a widespread network in rural communities, and it plans to further its branch expansion and digitalization efforts. Amena Arief, IFC Country Manager for the Philippines, highlighted the significance of the partnership, noting, "MSMEs play a major role in creating jobs and boosting prosperity, especially in underserved communities." Arief added that the partnership aims to expand financial access for women entrepreneurs in rural areas, helping them to grow businesses, create jobs, and build resilience where it is most needed.
