The threat of increased poverty is real

The threat of increased poverty is real

The World Bank estimates an additional 24 million people throughout the Asia Pacific will be affected by poverty as a direct result of the pandemic.

Covid-19 has placed additional pressures on the ability of developing countries to provide essential support services to their vulnerable populations.

What can we do?

Small businesses were one of the first groups the Australian Government committed support to as a result of the Covid-19 Pandemic. Why? Because they are a major source of employment and without them, economies fail.

Two ways we're continuing our support of women living in poverty are through the provision of microfinance loans and financial education. Loans help women who run small and micro enterprises across the Asia Pacific region to invest in their livelihoods - so they can continue to earn an income, feed their families, and access the health care they need. And education provides them with the skills they need to manage their business and household finances through this period of uncertainty.

How do microfinance and education work together to alleviate poverty?

Maricris Garmay lives in the Philippines with her husband, Cleto and three children.

Cleto works as a rice farmer and is given rice as payment which the family uses for personal consumption. To generate income, Cleto participates in seasonal work that only generates a cash payment twice a year.

Not an ideal scenario when there are recurring costs throughout the year such as food, school fees and other household bills to take care of. 

To alleviate the demands and pressures of an inconsistent income, Maricris secured a small loan of $100  through our microfinance institution partner, SECDEP. This loan enabled Maricris to grow her existing sari sari (convenience) store to include items such as soft drinks and frozen foods.

Maricris is now bringing in an additional $25 per month which is paying for her children’s school expenses and transport.

But, that is only part of the story.

At Good Return providing access to responsible finance is only half of what we do. The other half of our mission is to provide those living in poverty with a financial education so they have the skills to ensure they can manage their finances responsibly well into the future.

After participating in our financial education program, Maricris feels more confident in managing the family’s finances due to having greater awareness of her spending habits and earnings. Not only has the loan and education helped Maricris generate a reliable income and the peace of mind that comes with this, but Maricris says that it has helped her provide a secure future for her children.  

How can you help?

As we near the end of the financial year, we ask you to help us help those most vulnerable so they continue to have access to the resources they need in order to survive this crisis. 

Please click below to make a donation and help us reach our goal of $50,000. These funds will be used to support our programs so we can enable those living in poverty to survive and thrive.