Status Update - March 14, 2014
HSPFI has closed its doors and dissolved due to operational problems. The organization faced serious difficulties following typhoons Sendong in 2011, and Pablo in 2012, and despite efforts to bring in necessary expertise continued to struggle to make payments. HSPFI is currently working to find alternative services for its members and clients.
HSPFI has about $275,000 in outstanding debt to Kiva lenders. Now that the partnership is closed, Kiva will default these loans, but will continue to pursue recovery of funds and will apply funds proportionally to lenders if and as funds are received.
HSPFI was a Kiva partner for five years, during which the organization was focused on capacity building, community development and transformation. The organization successfully repaid $2.9 million in loans to Kiva lenders.
Status Update - December 3, 2013Since our previous update, Kiva has been following up with HSPFI but has yet been unable to recover funds owed to Kiva lenders. HSPFI has faced serious operational difficulties following typhoons Sendong, in 2011, and Pablo, in 2012, and has recently chosen to bring in support of their MFI network in the Philippines to try to help rebuild the organization. While HSPFI works to rebuild, we expect a continued delay in repayments. However, Kiva will continue to reach out to HSPFI with the goal of maximizing the recovery of lender funds and will keep lenders updated on our efforts.Status Update - April 26, 2013Kiva has put its partnership with HSPFI on hold. The organization has about $275,000 in outstanding debt to Kiva lenders that needs to be repaid. Kiva will be working closely with HSPFI to ensure that funds are returned to lenders. In the meantime, we will discontinue posting HSPFI loans to the Kiva website.
Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI) is a non-governmental development organization founded in 1987 to promote Christian values through microfinance services in the Philippines. Focused on capacity building, community development and transformation, it’s one of 11 partners working under the banner of the Alliance of Philippine Partners in Enterprise Development
(APPEND). It’s also a partner of Opportunity International
HSPFI works with government agencies and private institutions, and is a member of both the Mindanao Microfinance Council
, a network of Filipino NGOs involved in advocacy programs for gender sensitivity, environmental preservation, social justice, health and education.Ginalyn used her $125 loan to buy canned goods and snacks to sell at her general store.
HSPFI’s head office is in Cagayan de Oro City. As of December 2012, it had 19,779 clients and nine branches located throughout northern Mindanao:
Cagayan de Oro City, Balingasag, and Gingoog City (Misamis Oriental Province), Iligan City (Lanao del Norte Province), Valencia City, Don Carlos and Quezon (Bukidnon Province), Mambajao (Camiguin Province), Wao (Lanao del Sur Province, but also serving parts of North Cotabato).
Rofelo used his $200 loan to buy seeds and fertilizer for his farm.
Although HSPFI was established through grants and donations, it continues to operate through loans from various foreign and local financial institutions. It is governed by a board of trustees, which formulates the policies implemented by management headed by the executive director.