Use pawnshops, private banks for 4Ps, small loans and benefits of the poor


By Rose de la Cruz


To make it easier for beneficiaries of 4Ps and small loans in the provinces, the government must also use pawnshops, micro savings and microfinance institutions.


Rep. Henry Ong, chairman of the House committee on banks and financial intermediaries, asked the government financial institutions, Philhealth and the Department of Social Welfare and Development to put these channels in their service delivery thrusts.


"Many parts of the country, including the towns in the 2nd district of Leyte, remain unbanked or have little or no access to the formal financial system. The financial inclusion modes are the solution," said Ong, chairman of the House committee on banks and financial intermediaries."


Ong said Landbank has only a handful of branches on Leyte Island. Nine branches only according to its website’s branch locator.


"Most of my constituents in the Pantawid Pamilya program and those who receive benefits from PhilHealth, GSIS, SSS, Pag-IBIG, and PVAO have to travel far just to get to the government offices, bank branch or ATM, to claim their benefits," Ong pointed out.


"Tulad na lamang dito sa Leyte second district, sana bawat bayan mag bangko or pawnshop, bukod pa sa Landbank branch kung saan maaaring ma-withdraw ng beneficiary ang ayuda ng pamahalaan para sa kanila," he also said.


Ong said more "lite branches" and ATMs are needed in the second district of Leyte.


"If set-up and operation of the lite branches and ATMs are too expensive, the government banks and agencies should link-up with the pawnshops and private banks that are already into micro savings, microfinance, and microinsurance," Congressman Ong said.



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Sunday, 25 August 2019
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