Over the same period, average micro loans increased by 30%. Equally significant, the accumulated bank savings of microentrepreneurs jumped from P1.4 billion in 2006 to P8.8 billion, an increase of 525%. This means the average deposit per microentrepreneur increased from two thousand pesos in 2006 to 8,650 pesos in 2013, an improvement of 332% in seven years. We realize these are cold figures.
However, the stories behind these figures prove the power of microfinance to transform and improve lives. As co-chair of the selection committee for CMA for 10 years now, I have personally witnessed how microentrepreneurs survived scarcity by making their business a reliable source of family income – all because they accessed and sensibly used microfinance loans.