To culminate the International Year of Microcredit in the Philippines, the National Microfinance Summit will be held on Monday, October 10, 2005 at the Bangko Sentral ng Pilipinas (BSP) in Manila. The Summit will highlight the year's accomplishments in promoting microfinance development in the Philippines.
The United Nations (UN) declared 2005 International Year of Microcredit (IYM) to build global support to make financial services more accessible to poor and low-income people. Since the launch of IYM, UN has worked hand-in-hand with partners from around the world to raise awareness about microfinance as an important step towards poverty reduction. Global response has been positive - over 100 countries have pledged support and have engaged their governments and private sectors to examine financial sectors and extend services to their poor.
In the Philippines, a national committee chaired by BSP Governor Amando M. Tetangco, Jr. was created to coordinate IYM activities in the country. Philippine participation in IYM is anchored on its National Strategy for Microfinance - to have a viable and sustainable private microfinancial market to provide low-income households and microenterprises access to financial services.
Hosted by the National Committee chaired by BSP, the Summit will present accomplishments and action plans for further growth of microfinance in the Philippines.