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17.06.2009
MicroFinanza Rating successfully operating in the Philipino mf industry
Manilia Philippines, June, 05 2009 - Local Microfinance institutions have started to submit themselves to assessment by international rating firms in a bid to improve operations and attract investments from abroad.
For Joseph Omar O. Andaya, president and chairman of the Rural Green Bank of Caraga, having his bank rated by Milan-based Microfinanza Rating not only opened doors to a million-peso loan, it also helped him see where his bank was weak.
Negotiations are now ongoing with BlueOrchard Microfinance Investment Managers, a fund based in Switzerland, for a loan of as high as P400 million, a quarter of the bank’s P1.6-billion loan portfolio.
Mr. Andaya, the incoming president of the association of rural banks, said Microfinanza pointed out Green Bank’s strengths and weaknesses compared to other institutions in the region.
The weaknesses included high operating costs and inefficient operations. But one of his bank’s biggest strengths? His clients, the chief of the Butuan City-based bank claimed.
"The fact you had yourself rated shows you are committed to improving your business, regardless of what score you get," Mr. Andaya said.
Source: BusinessWorld Online http://www.bworld.com.ph/BW060509/content.php?id=005
