Emboldened by the progress of the beneficiaries of the Hapinoy micro-entrepreneur program, MasterCard Worldwide donated an additional $25,000.00 to the micro-entrepreneurship venture to widen its reach in improving the lives of people in nationwide through micro-business.
In a press conference held yesterday MasterCard group head of communications for Asia/Pacific, Middle East & Africa, MasterCard Georgette Tan noted the success of the Hapinoy from its beginnings, particularly the increase in the business endeavor of the women-beneficiaries.
“We are delighted that Hapinoy has all the right ingredients,” Tan, the Singapore-based MasterCard official, said as she expressed optimism “to see many more wonderful projects from the Philippines.”
This is the second time a Philippine entrepreneurial firm has been chosen to receive the MasterCard grant, which started three years ago. Last year, another Philippine entry by NGO Ecumenical Institute for Labor, Education and Research dubbed Project Stitch won Project Inspire’s People’s Choice Award. The project provides support and livelihood to displaced women in the poor communities of Manila, through sewing cooperatives.
Hapinoy, on the other hand, assists housewives-owners of “sari-sari” store to be more financial savvy by teaching them the simple rudiments of bookkeeping, among others. Prior to this, it was noted that store owners, who seemed to be earning more but were not taking tab of their operations ended up with more liabilities.
With the assistance of Hapinoys, the beneficiaries have better cashflows with their daily sales up by 24 percent, pilferage dropping significantly below 10 percent and the narrowing down of credit extension.