one-month moratorium for clients
March 21, 2020
SAN PABLO CITY –
The financial institutions of CARD Mutually Reinforcing Institutions
(CARD MRI) have suspended its microfinance operations from March 17
to April 12, 2020. This is in response to the recent declaration by
the Philippine Government of an enhanced community quarantine due to
the COVID-19 outbreak.
While the obligation for
weekly loan payments are lifted until the resumption of its
operations, CARD Main Bank Branches will remain open so that clients
can perform transactions such as deposits and withdrawals. These
bank branches will open at 9:00AM and close at the latest 3:00PM, as
there are branches which are locally required to close earlier than
3:00PM. Likewise, bank clients can still transact through ATMS,
Digital Cash Machines, and the konek2CARD app. Savings withdrawals
can also be facilitated by konek2CARD agents of CARD Banking Group.
“This is our effort to
show our sympathy and concern to our clients in these trying times,”
said Dr. Jaime Aristotle B. Alip, CARD MRI Founder and Chairman
Emeritus. “We understand that our clients would face liquidity
problems and potential losses. It is through implementing moratorium
that we can support them.”
CARD MRI Managing Director
Flordeliza Sarmiento also added that other essential services will
still be provided. “COVID-19 is a serious health threat thus we know
that this is the time when we are needed by our clients and staff
the most. Our clinics and laboratory are still open for our clients
and staff while our pharmacy, BotiCARD, will remain open to the
general public,” she explained.
CARD Mutual Benefit
Association, the insurance arm of CARD MRI, will also be on
moratorium for its insurance contributions but will still process
and disburse claims benefits. Clients may settle their claims in
CARD MBA Provincial Offices and the main bank branches of CARD Bank,
CARD SME Bank, and CARD MRI Rizal Bank.
CARD MRI is a group of
institutions that aims to eradicate poverty through microfinance and
other development-oriented programs. Of its member institutions,
those offering the moratorium are CARD, Inc. (A Microfinance NGO),
CARD Bank, CARD SME Bank, and CARD MRI Rizal Bank. CARD MRI has 6.7
Million clients, 19,027 staff, and 3,241 offices nationwide.
Considered the largest in the microfinance industry, CARD MRI is an
important catalyst in the country’s economy down to the community
level, as it provides capital that enables poor households to engage
in microenterprises as well as generating jobs directly and
United as one
CARD MRI also joins other
members of the two largest microfinance networks in the country,
Alliance of Philippine Partners in Enterprise Development (APPEND,
Inc.) and Microfinance Council, in the battle against COVID-19.
Insurance services and
claims of these microfinance institutions (MFIs) remain
Further, these MFIs will
continue paying for the salaries of their more than 50,000 staff
during this period of community quarantine.
True to their collective
vision of ending poverty in the Philippines, the microfinance
industry vows to fulfill its commitment to serve the most vulnerable
population even in challenging times like the COVID-19 outbreak.