Q: Why on earth are you working in the Philippines this summer? Wouldn’t it be much easier to stay at home in Canada?
A: As part of my Loran scholarship I am required to do three summer experiences: public policy, international personal and community development, and enterprise. Last summer was my public policy summer where I worked for the Canadian Embassy in Washington, this will be my international personal and community development summer, and next year will be my enterprise internship. After looking into a few different possibilities, I decided to pursue a position in the microfinance field this summer as it’s an area of international development work that I strongly support and felt my skills would be able to help out with. Additionally, I wanted to spend some time in Southeast Asia and had heard positive feedback about the Philippines. I had the good fortune to receive an offer from Seed Finance a couple months ago, and haven’t looked back since.
Q: What is microfinance?
A: Microfinance is the provision of basic financial services (lending, savings, insurance, money transfer) to the lower-income segments of society that the traditional, formal finance sector does not serve. Microfinance is being used as a tool to combat poverty in the developing world, and in my opinion, has the potential to make a greater, longer term impact than other types of development funding. Microcredit, the loans aspect of microfinance, has largely been a private sector initiative that has been proven that it can be self-sustaining and does not necessarily rely on continual external sources of grants or subsidies.
Q: How is microfinance used to help those who are less fortunate?
A: By providing the financial services that we tend to take for granted, microfinance allows for individuals and families to increase their financial security, income and wealth levels. Loans are provided for entrepreneurs to start or grow their own small businesses to provide for their families, savings products allow for families to put aside funds for sudden demands for cash that everyone face (sickness, weddings, education expenses etc.), and microinsurance helps reduce the vulnerability to external shocks that would otherwise threaten the family’s financial security.
That’s all for now, but I’ll be sending an update shortly!
- Danny
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