INSUFFICIENT KNOWLEDGE of the urban poor market and low levels of capital allocated by institutions to such borrowers are hampering the growth of the microfinance market for housing, the Asian Development Bank (ADB) said in a report. READ:
Joji Reyes, president of GlobalWorks International Consulting, Inc., prepared a report on inclusive and resilient urban development for the poor at the request of the Department of Human Settlements and Urban Development, with ADB assistance.
Ms. Reyes in the report said that rapid urbanization in the Philippines led to the growth of informal settlers with little access to affordable housing, capital, and health and safety. “While remarkable progress has been achieved to grow housing microfinance in the Philippines and demonstrate the viability of housing microfinance products, policy and market barriers to further scaling-up exist.”
She said there is also mismatch between the equity capital terms of microfinancing institutions and the financing terms needed by clients to keep housing affordable.
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