Renato is 44 years old and is married with four school-aged children. Renato plants three hectares of rice fields in the Philippines. He has been a farmer for 28 years. He earns approximately PHP 100,000 per crop, but he only bring home half of that because after selling the products, he has to pay his obligations to the the traders from the private sector who lend money with high interest rates to small farmers from villages.
Renato dreams of improving his family's standard of living. He wants to borrow a loan of PHP 40,000 to buy fertilizers, seeds, and herbicides for rice farming. He hopes the loan will be a big help for him. This loan will allow him to not get a loan again from the traders. Instead of paying high interest rates to the traders, he will spend the money on food and education for his children.
About Alalay sa Kaunlaran, Inc.
This loan is made possible by Alalay sa Kaunlaran, Inc. (ASKI), which means “a partner in development.” ASKI has been in operation for 25 years and runs multiple successful initiatives in addition to microlending. Its main microfinance branch focuses on lending to microentrepreneurs, small farmers, and fisher folk. ASKI also provides microinsurance and marketing support for borrowers, as well as educational programs to develop the skills of both borrowers and staff. The ASKI Foundation funds community development projects such as a daycare feeding program and scholarships for children. ASKI Global helps overseas Filipinos develop entrepreneurial and financial skills to maximize the impact of remittances.