MABS participating banks share microfinance services for entrepreneurs on APEC seminar

Rural Bank of Mabalacat President George Dycaico along with other rural bankers shared the financial services and products rural banks offer to entrepreneurs on the countryside.

RB Mabalacat President George Dycaico along with other rural bankers shared the financial services and products rural banks offer to entrepreneurs in the countryside.

As part of its microinsurance initiative, MABS visited Cantilan Bank on August 25-28 to evaluate the microinsurance services currently offered to the bank clients by a local private insurance company. MABS also studied client demand for insurance around the area and explored how the bank’s insurance services could be expanded.
MABS conducted focus group discussions and surveys with the clients and found out that there is an overall satisfaction regarding the microinsurance products, friendly service and professional staff.
The project assessment and client demand research are part of MABS’ move toward establishing a microinsurance delivery system through the partnership model, where a rural bank engages the services of a licensed and regulated commercial insurance provider. The insurance provider’s personalized approach allowed for continuous improvement and adaptation in the claims procedures. The insurance agent allows the submission of alternative documents and continuously comes up with new methods to process claims to clients in rural communities serviced by the bank.

The Asia-Pacific Economic Cooperation (APEC), Department of Social Welfare and Development (DSWD), National Youth Commission (NYC), and Philippine Center for Entrepreneurship – Go Negosyo held a three-day seminar-workshop on developing a framework for coaching the country’s out-of-school youth (OSY) on entrepreneurship. About 100 entrepreneurs from the Philippines, China and Indonesia attended the seminar held on August 26-28 at the Pan Pacific Manila Hotel.

MABS Chief of Party John Owens, Rural Bank of Mabalacat President George Dycaico, Green Bank Branch Manager Fidel Suarez, and Rural Bank of San Mateo Assistant General Manager Katrina Pilapil shared with young entrepreneurs the types of products and services that rural banks offer to entrepreneurs across the countryside. In particular, they also shared how entrepreneurs can prepare themselves and their businesses to access these financial services.

The seminar-workshop was an initiative of APEC’s Human Resources Development Working Group. APEC is a forum of 21 member economies united in the desire to facilitate economic growth, trade, investment and cooperation in the Asia-Pacific region.