The Milamdec Foundation is a microfinance institution operating in 13 provinces across the Philippines. Its operations are largely focused in rural areas of north eastern Mindanao, an island located in the southern part of the Philippines.
Milamdec offers agricultural and small business loans that empower farmers to become self-sustaining entrepreneurs. Milamdec also offers a mortgage redemption loan for farmers. Many farmers in Milamdec previously sold their land to generate needed income. The income gain, however, was short term because the loss of land led to decreased productivity. Milamdec’s mortgage redemption loans help these farmers buy back their land.
Milamdec is expanding its financial service offerings and has developed a higher education loan. The education loan helps meet the demand students have for funds to cover tuition and educational related expenses. Milamdec has limited funding and depends on Kiva to help fund these new student loans.
A unique lending approach:
Milamdec’s higher education loans are targeted to students who have financial difficulties enrolling in academic courses. The students who receive the higher education loans are high school graduates from the most marginalized communities in Mindanao.
The loan is used to cover education expenses for semester-long technical degree courses. The tuition component of the loan is disbursed to the school, while the component that covers living and transportation expenses is given directly to the student. 

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 9, 2015 Oct 12, 2005
Total Loans $1,500 $874,211,875
Amount of raised Inactive loans $0 $705,675
Number of raised Inactive loans 0 526
Amount of Paying Back Loans $0 $136,049,800
Number of Paying Back Loans 0 165,997
Amount of Ended Loans $1,500 $737,456,400
Number of Ended Loans 6 916,276
Delinquency Rate 0.00% 8.55%
Amount in Arrears $0 $7,496,222
Outstanding Portfolio $0 $87,693,474
Number of Loans Delinquent 0 22,519
Default Rate 0.00% 1.32%
Amount of Ended Loans Defaulted $0 $9,715,330
Number of Ended Loans Defaulted 0 27,173
Currency Exchange Loss Rate 0.00% 0.44%
Amount of Currency Exchange Loss $0 $3,823,595
Refund Rate 0.00% 0.65%
Amount of Refunded Loans $0 $5,700,625
Number of Refunded Loans 0 5,834

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 83.33% 74.90%
Average Loan Size $250 $408
Average Individual Loan Size $250 $640
Average Group Loan Size $0 $1,806
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $7,000 $5,934
Average Loan Size / GDP per capita (PPP) 3.57% 6.87%
Average Time to Fund a Loan 0.21 days 6.92 days
Average Dollars Raised Per Day Per Loan $1,180.07 $58.88
  Average Loan Term 6.33 months 11.05 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 0 447,150
  Journaling Rate 0.00% 41.58%
  Average Number of Comments Per Journal 0.00 0.05
  Average Number of Recommendations Per Journal 0.00 1.27

Borrowing Cost Comparison (based on 2013 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 43% APR 46.00% PY 26.87% PY
  Profitability (return on assets) 1.8% 4.8% -0.78%
  Average Loan Size (% of per capita income) N/A 8.00% 18.82%

Country Fast Facts

Field Partner Staff

Dinah Banaynal