This is AI generated summarization, which may have errors. For context, always refer to the full article.'Now, there's a reason why I'm back here. It's because, of course, there's still a good 40% of the population that actually don't have access,' Queen Máxima says in her second visit to the Philippines after 9 years
Máxima first visited the Philippines in 2015, also in her capacity as the UN’s special advocate. Back then, the status of financial access in the country was dire, with only 31.3% of Filipino adults having a bank account. The latest data in 2021 show significant progress, with that figure now climbing to 51.4%.. Queen Máxima stands at the bow of a boat on the way to Talim Island. Photo by Lance Spencer Yu/Rappler.
A possible model for inclusive finance in rural communities is Talim Island. The lake island that sits in Laguna de Bay is home to more than 40,000 people, many of whom make their livelihood off fishing.Queen Máxima arrives at Talim Island for a field visit with fisherfolk. Photo by Lance Spencer Yu/Rappler.
CARD MRI Rizal Bank , a rural bank that focuses on microfinancing, is starting to change that. The rural bank has set up a branch-lite unit on the island and has six active agents to serve its 1,350 clients in the community. These customers maintain a total of more than P15 million in outstanding loans and P4.9 million in savings.. Fisherman Leonel Alviso shows the Queen the mobile banking app that many of the island residents use. Photo by Lance Spencer Yu/Rappler.
“We went to visit basically some fishermen. And they were explaining to me how important not only the credit has been for them, because it actually allowed them to do that. It allowed them to grow and now to invest even more and expand their income,” Máxima told reporters. Through GrowSari, Udag has placed more than 300 orders, each worth an average of P259, which is enough to qualify for free deliveries. These small but frequent orders have eased cash flow constraints on her microbusiness and has even allowed her to expand, opening up another store across the street.Queen Maxima visits the sari-sari store of Aubrey Udag in Cainta, Rizal. Photo by Lance Spencer Yu/Rappler.
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