Romeo is 47 years old and married. He is blessed with three children who are in school. His wife is a housekeeper. Romeo is a farmer, planting rice in the Philippines. He has been doing this business for 27 years. He usually earns an average income of P25,000 each crop. Sometimes his earnings depend on climate. It also depends on the seed variety he plants. Romeo’s habit is planting an inbred variety of rice because of its low cost. He has not enough capital to buy hybrid rice seed varieties because it’s costly.
Romeo desires to have a high yield and earn a higher income with every crop. He plans to plant hybrid rice seeds in order to obtain his desires. This situation leads him to request a loan of P27,000 to buy hybrid seeds of rice, fertilizers and herbicides. Romeo is looking towards the success of his rice farming business.
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.