Grassroots Microfinance Technology: Assessing the Pasay City Bayanihan Savings Program

Abstract

There is a growing acknowledgement that microfinance programs have potential for equitable and sustainable development. The paper presents quantitative and qualitative data concerning the socio-economic impacts of Bayanihan Savings Program, a self-help financial intermediation system designed to instill savings discipline among the poor and inculcate knowledge, skills, and social awareness. The results of interviews and a cross-sectional survey with 100 participants demonstrate recipients to have acquired certain access to productive resources and social protection, have empowered from community participation, and have improved their overall well-being. The paper concludes this development intervention to be slightly effective in income generation and highly effective in social capital formation. Still, several constraints for the sustainability of the program hamper its long-term viability. The study recommends for enhanced savings mobilization, trainings materialization, and organizational integration to improve the program.