A total of 11 MFIs in the Philippines who are at par with industry standards in terms of their financial performance and duly recognized in their respective areas of operations as market leaders participated in the documentation of their best practices. Two organizations, the National Confederation of Cooperatives (NATCCO) and the Sustainable Economic Activity Development (SEAD) funded the documentation of these best practices.
Through SEAD, seven MFIs with best practices will be published in 2007. Each MFI will tell their success story and the challenges they faced in the process. Their strategies in achieveing success will be shared. SEAD is a non-profit organization that provides wholesale funds to microfinance institutions in the Philippines. It was formerly a project of CARE-Philippines. In 2007, it will transform to a private corporation to enable it to compete more effectively in the market.
Four cooperatives: Novaliches Development Cooperative (NOVADECI); Lamac Multipurpose Cooperative (LMPC); Panabo Multipurpose Cooperative (PMPC); and Ormoc Community Credit Cooperative (OCCCI) were documented under the auspices of NATCCO. Their best practices became the basis of the development of NATCCO’s microfinance brand that specifically caters to cooperatives with microfinance operations.