Renato is forty-four years old, married, with four school age children. Renato has three hectares of rice fields which he plants. He has been a farmer for twenty-eight years. He earns approximately PHP 100,000 for each crop however he only brings home half of this because after selling his harvest, he has to pay his debts to the traders, the private-sector who lends to small farmers from villages at high interest rates.
Renato dreams of improving his family's standard of living. He wants to borrow PHP 50,000 to buy fertilizers, seeds and herbicides. He hopes the loan will be a big help for him. By taking this loan, we will not need to get a loan from the traders. So instead of paying high interest rates to the traders, he can spend his money on his children's food and education.
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.