Grameen Foundation : Where we work : East Asia : The Philippines : CCT
Center for Community Transformation (CCT)
| Status snapshot as of March 2008 | |
| Active clients | 111,672 |
| Loan portfolio (USD) | $8,841,400 |
| Portfolio At Risk >30 days* | 6.1% |
| * Value of all loans outstanding that have one or more installments past due more than 30 days | |
CCT was established in 1992 to provide an organized and systematic response to poverty eradication and social transformation. It works among the poor urban slum communities in the Philippines and currently has branches across the country including operations in the Visayas, Southern and Central Luzon, Metro Manila and Mindanao. CCT offers a full range of products to its clients including savings, life insurance, and microcredit for working capital. Its microfinance program was transformed in 2004 into the CCT Credit Cooperative to use microfinance to provide other social services to the poor. In addition to its direct microfinance activities, CCT partners with The Visions of Hope Foundation to give borrowers the opportunity to enroll in the government’s social security and health insurance programs, apply for scholarships, and participate in a food security program. They also partner with Habitat for Humanity to allow borrowers to build or renovate their homes.
Outreach:
Starting with fewer than 3000 borrowers in 1999, CCT set aggressive milestones and experienced steady growth in outreach from 13,740 in 2001 to 98,622 active clients (savers and borrowers) by the end of December 2005. Despite its late entry into the microfinance field, CCT is now ranked number five in terms of outreach among hundreds of MFIs operating in the country with a broad reach across most regions. CCT has developed an ambitious business plan and is expected to reach nearly 325,000 clients by 2008.
Grameen Foundation support:
CCT became a Grameen Foundation partner in September 2005, and has been provided significant technical assistance as well as assistance in raising commercial financing from local banks. The technical assistance support, both completed and ongoing, include development and strengthening of appropriate business planning, treasury and risk management, and MIS automation systems. GF has also provided a $400,000 guarantee to the Bank of the Philippine Islands (BPI) to leverage an $800,000 local currency loan for CCT. The loan proceeds are being used by CCT to support its portfolio expansion as it moves rapidly towards reaching a larger number of poor people in the Philippines.
Impact:
CCT plans to reach 500,000 borrowers by 2009 and is projected to build a loan portfolio of USD $43 million over those next 5 years. CCT offers a full range of products to its clients, including savings, life insurance and micro credit for working capital.
Awards:
In 2004 CCT was ranked fifth in the country in terms of outreach. This is a significant achievement as there are hundreds of MFIs in the Philippines. Furthermore the Micro Sector Strengthening Project gave CCT the highest ranking for portfolio quality.
Learn more at: cct.org.ph/
Grameen Foundation : Where we work : East Asia : The Philippines : CCT
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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