Leticia L. is 45 years old and a village store owner in Yeban Sur, Benito Soliven, Isabela. They live in a flood prone area in a former private hacienda. She is married to Mauricio and has four children: Virgilio– 23 years old, an elementary graduate; Belinda– 20 years old, a high school graduate; Estelita– 19 years old, also a high school graduate and working as a domestic helper; and Marvin– 15 years old, a high school undergraduate. Due to the lack of financial resources, they were not able to provide their children with higher levels of education and because some of her children lack the interest to study.
For 15 years, Leticia was able to maintain her village store through the help of her husband and the financial support of a microfinance institution. She hopes to engage in another type of business in the future and to be able to support her husband in his farming needs since they no longer have children to send to school. She knows that she must work hard in order to achieve her business plan someday and to avoid asking for credit from traders that offer large interests. With this, Leticia would like to borrow a loan of PHP 7,000 that she will invest for her store and farming needs.
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.