Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI)
Approved to post Kiva loans from: Philippines
Status Update - March 14, 2014
HSPFI has closed its doors and dissolved due to operational problems. The organization faced serious difficulties following typhoons Sendong in 2011, and Pablo in 2012, and despite efforts to bring in necessary expertise continued to struggle to make payments. HSPFI is currently working to find alternative services for its members and clients.
HSPFI has about $275,000 in outstanding debt to Kiva lenders. Now that the partnership is closed, Kiva will default these loans, but will continue to pursue recovery of funds and will apply funds proportionally to lenders if and as funds are received.
HSPFI was a Kiva partner for five years, during which the organization was focused on capacity building, community development and transformation. The organization successfully repaid $2.9 million in loans to Kiva lenders.
Status Update - December 3, 2013
Since our previous update, Kiva has been following up with HSPFI but has yet been unable to recover funds owed to Kiva lenders. HSPFI has faced serious operational difficulties following typhoons Sendong, in 2011, and Pablo, in 2012, and has recently chosen to bring in support of their MFI network in the Philippines to try to help rebuild the organization. While HSPFI works to rebuild, we expect a continued delay in repayments. However, Kiva will continue to reach out to HSPFI with the goal of maximizing the recovery of lender funds and will keep lenders updated on our efforts.
Status Update - April 26, 2013
Kiva has put its partnership with HSPFI on hold. The organization has about $275,000 in outstanding debt to Kiva lenders that needs to be repaid. Kiva will be working closely with HSPFI to ensure that funds are returned to lenders. In the meantime, we will discontinue posting HSPFI loans to the Kiva website.
Partner Description:
Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI) is a non-governmental development organization founded in 1987 to promote Christian values through microfinance services in the Philippines. Focused on capacity building, community development and transformation, it’s one of 11 partners working under the banner of the Alliance of Philippine Partners in Enterprise Development (APPEND). It’s also a partner of Opportunity International (OI).
HSPFI works with government agencies and private institutions, and is a member of both the Mindanao Microfinance Council and PhildHRRA, a network of Filipino NGOs involved in advocacy programs for gender sensitivity, environmental preservation, social justice, health and education.
Ginalyn used her $125 loan to buy canned goods and snacks to sell at her general store.
HSPFI’s head office is in Cagayan de Oro City. As of December 2012, it had 19,779 clients and nine branches located throughout northern Mindanao:
Cagayan de Oro City, Balingasag, and Gingoog City (Misamis Oriental Province), Iligan City (Lanao del Norte Province), Valencia City, Don Carlos and Quezon (Bukidnon Province), Mambajao (Camiguin Province), Wao (Lanao del Sur Province, but also serving parts of North Cotabato).
Rofelo used his $200 loan to buy seeds and fertilizer for his farm.
Although HSPFI was established through grants and donations, it continues to operate through loans from various foreign and local financial institutions. It is governed by a board of trustees, which formulates the policies implemented by management headed by the executive director.
Repayment Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Start Date On Kiva | Feb 16, 2009 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $3,192,650 | $2,061,712,330 | |
| Amount of raised Inactive loans | $0 | $379,125 | |
| Number of raised Inactive loans | 0 | 306 | |
| Amount of Paying Back Loans | $0 | $151,582,105 | |
| Number of Paying Back Loans | 0 | 180,570 | |
| Amount of Ended Loans | $3,192,650 | $1,864,456,995 | |
| Number of Ended Loans | 15,664 | 2,517,148 | |
| Delinquency Rate | 0.00% | 11.58% | |
| Amount in Arrears | $0 | $10,582,819 | |
| Outstanding Portfolio | ($3) | $91,420,687 | |
| Number of Loans Delinquent | 0 | 34,389 | |
| Default Rate | 8.62% | 1.83% | |
| Amount of Ended Loans Defaulted | $275,341 | $34,072,925 | |
| Number of Ended Loans Defaulted | 2,048 | 91,307 | |
| Currency Exchange Loss Rate | 0.00% | 0.47% | |
| Amount of Currency Exchange Loss | $1 | $12,915,654 | |
| Refund Rate | 0.10% | 0.55% | |
| Amount of Refunded Loans | $3,075 | $11,263,070 | |
| Number of Refunded Loans | 18 | 9,868 |
Loan Characteristics On Kiva
| This Lending Partner | All Kiva Partners | ||
| Loans to Women Borrowers | 87.77% | 78.52% | |
|---|---|---|---|
| Average Loan Size | $204 | $393 | |
| Average Individual Loan Size | $204 | $585 | |
| Average Group Loan Size | $450 | $1,914 | |
| Average number of borrowers per group | 2 | 8.3 | |
| Average GDP per capita (PPP) in local country | $7,000 | $5,593 | |
| Average Loan Size / GDP per capita (PPP) | 2.91% | 7.03% | |
| Average Time to Fund a Loan | 2.61 days | 9.14 days | |
| Average Dollars Raised Per Day Per Loan | $78.14 | $43.02 | |
| Average Loan Term | 6.09 months | 11.5 months |
Journaling Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Total Journals | 10,691 | 1,228,670 | |
|---|---|---|---|
| Journaling Rate | 63.09% | 41.93% | |
| Average Number of Comments Per Journal | 0.02 | 0.02 | |
| Average Number of Recommendations Per Journal | 0.55 | 0.55 |
Borrowing Cost Comparison (based on 2009 data)
| This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
| Average Cost to Borrower | N/A | 46.00% PY | 27.12% PY | |
|---|---|---|---|---|
| Profitability (return on assets) | N/A | 4.8% | -1.71% | |
| 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