Abstract:
There is a growing acknowledgement that microfinance programs have
potential for equitable and sustainable development. The paper presents
quantitative and qualitative data concerning the socio-economic impacts of
Bayanihan Savings Program, a self-help financial intermediation system
designed to instill savings discipline among the poor and inculcate knowledge,
skills, and social awareness. The results of interviews and a cross-sectional
survey with 100 participants demonstrate recipients to have acquired certain
access to productive resources and social protection, have empowered from
community participation, and have improved their overall well-being. The paper
concludes this development intervention to be slightly effective in income
generation and highly effective in social capital formation. Still, several
constraints for the sustainability of the program hamper its long-term viability.
The study recommends for enhanced savings mobilization, trainings
materialization, and organizational integration to improve the program.
