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The Philippines

Wilma is a 40-year old mother of 2 children who attend high school and elementary education in a local school. Her husband is employed in a local product distribution company but on a temporary status. Wilma used to work in another product distribution company but decided to stop and just stay at home. She felt the need to complement her husband’s income by selling food outside the local school where one of her kids is attending. But she had difficulty getting capital for her business, especially during slow times.

She signed up for a savings account through her microfinance institution called CARD Bank. Instead of borrowing from a local money lender she was able to tap into her savings to invest in her business. She replaces the withdrawn amount when business is better. Although she was not able to completely avoid taking loans, her total debt is now reduced as a result of the savings program. This means that she does not have to pay exorbitant fees for her debts and instead can use the money for her children.

As a result of her positive experience in CARD Bank’s savings program, she is now encouraging her younger child to open a kiddie savings account in the bank. She wants him to learn the value of savings and preparing for the future.