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What is the objective of BSRP?
The general objective of this project is to give opportunities to the poor to have access to financial services and livelihood opportunities. Specifically, the project aims to:
- Organize communities into Financial Centers or Bayanihan Centers;
- Implement a uniform and compatible savings-based financial intermediation system among cooperatives, community or people’s organizations and barangays;
- Implement a savings- driven and demand-driven micro-finance technology in order to provide the poor access to financial services in a viable and sustainable way;
- Establish and sustain a network of advocates to facilitate information exchange, experience sharing and financial cooperation among themselves towards the formation of a union or federation of cooperatives; and
- Link this micro-finance technology to any local development program such as housing improvement, waste management, social security, etc., as well as to agencies and establishments that would provide capacity-building, resource development, product marketing, etc.
What are the benefits to be derived from the Project?
- Generation of social development benefits for the community
- Promotion of peace and order by forging trust, unity and harmony within the community
- Promotion of self-reliance and people empowerment
- Promotion of entrepreneurship among the poor
- Enhancement of LGU-non-government organization (NGO)-community partnership and cooperation
- Enhancement of capacities both at the local government and community level
- Increase in family income through increased savings and capital build-up
- Increase in access to government programs
Why is DILG replicating the Program through the BSRP?
The success of the Program has proven that an LGU can make available the mechanism, coordinate efforts, and engage in participatory governance to meet some, if not all, the needs of its constituents. The replication of the Program will also strengthen LGU capability to be effective entrepreneurs and development managers; strengthen linkages with NGOs, POs and other community-based organizations; and develop self-reliance among the people in the community.
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