Proximity Funding is a productive micro-finance project that has been operating for over 21 years in the depressed areas of Metro Manila (South and East mainly) that aims at providing quality financial and non-financial services to entrepreneurial poor in order to generate economic and social impact on the families (creation of employment, increase of revenues, savings and assets) through a methodology of individual productive lending focusing on tangible assets, savings mobilization, micro insurance schemes, individual counseling and specific training.
Mission
PFMTSC aims at providing high quality, flexible cost-effective financial products and services to uplift the living conditions and promote self reliance of Filipinos living in depressed areas through entrepreneurship.
Vision
To support Filipinos entrepreneurs improving their living conditions through microfinance products and services
News and Facts
Key data at a glance – PFCC in numbers at the beg of 2022
- more than 600 active borrowers
- 50MP portfolio of micro loans
- Average loan around 85KP
Our Products and Services
LOAN PRODUCTS
A fixed deposit is requested for the non-collateralized loans; all loans exceeding 30 000 Pesos require collaterals plus a 7 % fixed deposit. The collateral is usually the object of the loan proposal (transportation vehicle with line or even the room for rent).
The cooperative proposes 3 main loan products:
- The loan for business expansion
- The loans for transportation
- The productive housing loans
The interest rate to 3.25% diminishing balance per month decreasing with the amount of loan. One rebates – the perfect payer rebates – lower it by more than 10% on an average basis.
IMPACT SURVEY
- Quality of the methodology in terms of impact
- Major impact on creation of employment: 33% of loans granted create employment
- Impact on income: 70% of the families clearly increased or stabilized their business income
- Impact on Assets: 50% of the borrowers increased their assets
- Impact on living conditions, health and education difficult to gage over a short period of time
