Pondo Sa Pagbabago at Pag-Asenso (P3) Program an Alternative Microfinancing Solution: Narratives From Its Clients
Posted: 6 Feb 2020 Last revised: 7 Feb 2020
Date Written: March 23, 2019
The Philippine government recognising the critical role of microfinance in its poverty alleviation efforts developed the formulation of the 1997 National Strategy for Microfinance. The Department of Trade and Industry in 2017 following the directive of President Rodrigo Duterte to replace the "5-6" money lending system proposed the Pondo sa Pagbabago at Pag-Asenso (P3) Program providing an affordable micro-financing for small businesses owners, market vendors, cooperatives and associations. This study aims to know the experiences and how the P3 helps the beneficiaries in alleviating poverty. Therefore, answering the question on what are the opportunities and challenges encountered in patronising the program. With the use of financial system approach as a theory, the study adopted narrative inquiry and used open coding for the narrative analysis of the data collected. Ten qualified beneficiaries from Quezon City were interviewed using a semi-structured interview guide questions. Findings are the program provided them the opportunity to expand their businesses and improve their daily living while enjoying the ease of paying their loan. The study recommends that beneficiaries should have a strategic plan in operating their business so they have more profit to gain than to lose.
Keywords: Pondo sa Pagbabago at Pag-asenso, P3 program, microfinance, poverty alleviation, DTI
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