Milamdec Foundation
Approved to post Kiva loans from: Philippines
Status update — February 16, 2017
Kiva and Milamdec have agreed to end their partnership after nearly 4 years and more than $1,500.00 in loans raised. Milamdec has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank them for the years of collaboration and wish them success in their future endeavors.
Partner Description:
The Milamdec Foundation is a microfinance institution operating in 13 provinces across the Philippines. Its operations are largely focused in rural areas of north eastern Mindanao, an island located in the southern part of the Philippines.
Milamdec offers agricultural and small business loans that empower farmers to become self-sustaining entrepreneurs. Milamdec also offers a mortgage redemption loan for farmers. Many farmers in Milamdec previously sold their land to generate needed income. The income gain, however, was short term because the loss of land led to decreased productivity. Milamdec’s mortgage redemption loans help these farmers buy back their land.
Milamdec is expanding its financial service offerings and has developed a higher education loan. The education loan helps meet the demand students have for funds to cover tuition and educational related expenses. Milamdec has limited funding and depends on Kiva to help fund these new student loans.
A unique lending approach:
Milamdec’s higher education loans are targeted to students who have financial difficulties enrolling in academic courses. The students who receive the higher education loans are high school graduates from the most marginalized communities in Mindanao.
The loan is used to cover education expenses for semester-long technical degree courses. The tuition component of the loan is disbursed to the school, while the component that covers living and transportation expenses is given directly to the student.
Repayment Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Start Date On Kiva | Jan 9, 2015 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $1,500 | $2,048,758,690 | |
| Amount of raised Inactive loans | $0 | $348,325 | |
| Number of raised Inactive loans | 0 | 296 | |
| Amount of Paying Back Loans | $0 | $153,933,040 | |
| Number of Paying Back Loans | 0 | 183,991 | |
| Amount of Ended Loans | $1,500 | $1,852,324,370 | |
| Number of Ended Loans | 6 | 2,496,556 | |
| Delinquency Rate | 0.00% | 11.72% | |
| Amount in Arrears | $0 | $10,838,102 | |
| Outstanding Portfolio | $0 | $92,466,642 | |
| Number of Loans Delinquent | 0 | 38,146 | |
| Default Rate | 0.00% | 1.82% | |
| Amount of Ended Loans Defaulted | $0 | $33,752,032 | |
| Number of Ended Loans Defaulted | 0 | 89,003 | |
| Currency Exchange Loss Rate | 0.00% | 0.47% | |
| Amount of Currency Exchange Loss | $0 | $12,742,203 | |
| Refund Rate | 0.00% | 0.53% | |
| Amount of Refunded Loans | $0 | $10,938,345 | |
| Number of Refunded Loans | 0 | 9,670 |
Loan Characteristics On Kiva
| This Lending Partner | All Kiva Partners | ||
| Loans to Women Borrowers | 83.33% | 78.48% | |
|---|---|---|---|
| Average Loan Size | $250 | $393 | |
| Average Individual Loan Size | $250 | $586 | |
| Average Group Loan Size | $0 | $1,910 | |
| Average number of borrowers per group | 0 | 8.3 | |
| Average GDP per capita (PPP) in local country | $7,000 | $5,592 | |
| Average Loan Size / GDP per capita (PPP) | 3.57% | 7.02% | |
| Average Time to Fund a Loan | 0.21 days | 9.12 days | |
| Average Dollars Raised Per Day Per Loan | $1,180.07 | $43.08 | |
| Average Loan Term | 6.33 months | 11.5 months |
Journaling Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Total Journals | 0 | 1,222,149 | |
|---|---|---|---|
| Journaling Rate | 0.00% | 41.92% | |
| Average Number of Comments Per Journal | 0.00 | 0.02 | |
| Average Number of Recommendations Per Journal | 0.00 | 0.55 |
Borrowing Cost Comparison (based on 2013 data)
| This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
| Average Cost to Borrower | 43% APR | 46.00% PY | 26.44% PY | |
|---|---|---|---|---|
| Profitability (return on assets) | 1.8% | 4.8% | -1.32% | |
| Average Loan Size (% of per capita income) | N/A | 8.00% | 0.00% |
Country Fast Facts
- Country:
- Philippines
- Capital:
- Manila
- Official Language:
- Filipino (official) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan
- Population:
- 107,668,231
- Avg Annual Income:
- $7,000
- Labor Force:
- agriculture: 32%, industry: 15%, services: 53%
- Population Below Poverty Line:
- 25.20%
- Literacy Rate:
- 96.30%
- Infant Mortality Rate (per 1000):
- 17.64 deaths
- Life Expectancy:
- N/A years