Bohol CoMSCA summit aims 

to have million savers by ‘20 

TAGBILARAN CITY, May 23, 2018 (PIA)—The goal to engage sectors to fight for more financial inclusion gets traction here as World Vision Development Foundation (WVDF) as lead convenor and seven other organizations bring to Bohol community-managed savings stakeholders aiming to achieve an ambitious one million savers by 2020. 

Another huge group of local government unit partners, government agencies, church partners, non-government organizations and practitioners from all over the country converge here May 28-30 for the 4th National Community-managed Savings and Credit Association (CoMSCA) Summit. 

This as Bohol surged its claim as a convention destination when it hosted very recently the Provincial, City, Municipal Veterinarian League of the Philippines May 16-18, Parole and Probation Officers League of the Philippines National Convention and Training Institute May 21-23, and the 21st Dairy Congress and Expo May 23-25. 

WVDF claims that CoMSCA is leading its flagship economic development programs that has been very effective in reaching the most vulnerable groups and has been most effective in contributing towards the financial independence of the marginalized sector, according to Savings Champion and World Vision Development Foundation (WVDF) Associate Director Engr. Ernesto Macabenta. 

A Bangko Sentral ng Pilipinas 2015 national baseline survey on Financial inclusion showed that about 70% of Filipinos have no savings, hampered by the prohibitive costs and documentation requirements of opening an account, plus the insufficient money to start one. 

And while this data also showed that the 70% belong to the most vulnerable and as CoMSCA started in South Cotabato, its membership grew but there is still a need to engage more partners to continue advocating savings among the most vulnerable. 

Along this, Bohol Summit 2018 intends to enhance CoMSCA promotions collaboration, consolidate advocacy efforts among advocates and network members, promoted community savings towards community resilience, leverage government agencies in supporting Filipino economic recovery and achieve the one million savers towards achieving sustainable development goals. 

World Vision has been providing programs and interventions to advance the economic capacities of families and capacitate them to build sustainable livelihoods in different ways: from training farmers and fisherfolks on adopting natural farming and fishing practices, providing agricultural inputs and services to enhance and sustain their family’s livelihood. 

And to make these development strategies work, World Vision also engages government, market and community actors to improve the economic well-being of families so they can provide for the education, shelter and healthcare and nutrition of their children, them being the most basic of WV concerns. 

World Vision also assists local entrepreneurs to access new markets and service providers to expand their business and maximize potential income through the COMSCA program, engaging communities in forming savings and loan groups, providing loan access to families and put up their own livelihood programs. 

For the Bohol Summit, organizers said they are expecting over 1,500 participants. (rahc/PIA-7/Bohol) 

World Vision Development Foundation Visayas Associate Director Ernesto Macabenta explains to the media the essence of community managed savings and credit association as a WV way of helping communities attain financial independence and allows communities to send their children to school. (rahc/PIA-7/Bohol)