Kolping MFI a.k.a. Kolping Simdamayan: Kolping Simbahan na Nagdadamayan!
In the year 2013, KSPI commissioned the BMCI (Bicol Microfinance Council, Inc.) to conduct a Satisfaction Survey for its programs, specifically the Livelihood Program, and a Market Research on what products and services the members would like to receive in response to their economic needs. Output of which are the Client Satisfaction Matrix and a Product Prototype.
Some of the recommendations from the said Client Satisfaction Matrix were incorporated in the approved Livelihood Operations Manual last August 2013, wherein the credit facility was divided into two product types: group-managed business loan and microlending business loan. Since then, there were several KF’s that availed the two loan types.
In the project cycle 2014 – 2016 of the Logical Framework (logframe) in the approved KSPI proposal to IKS, Project Aim 2 specifically states that within the said project cycle, there should be “IMPROVEMENT OF POSSIBILITIES OF INCOME GENERATION OF THE BENEFICIARIES THROUGH MICROBUSINESS TRAININGS AND GRANTING OF LOANS AS WELL AS INSTITUTIONALIZATION OF MFI”.
In year 2014 & 2015, preparatory works were conducted to initially put up a Rural Bank (as one of the types of MFI that seems to respond to the recommendations within the satisfaction survey). But the Viability Model (which was among the requirements of BSP for registration and IKS for granting of funds) was submitted very late that the KSPI Board of Trustees (BOT) deemed it wise to defer its establishment and put up a Microfinance NGO instead (BOT Resolution #14, s2016; BOT Resolution #20, s2016). KSPI BOT also created the Board of Directors (BOD) composition of the Kolping Microfinance Institution (a.k.a. Kolping Simdamayan), microfinance arm of KSPI (BOT Resolution #21, s2016).
As part of the initial requirement in the registration of the Kolping Microfinance, Inc., there was a need to deposit a TITF (Treasurer-in-Trust For) account in the name of the BOT Treasurer amounting to Php1,000,000.00, the minimum required start-up capital for Microfinance NGOs (RA 10693 s2015 with IRR). KSPI BOT authorized the ED to open said TITF account at the AUB (BOT Resolution #22, s2016). Since last 2015, in anticipation to establish a Rural Bank was underway, there was already a TITF account opened for Kolping Bank with the same amount so it has first to be closed before the TITF Kolping Microfinance, Inc. is opened (BOT Resolution #41, s2016).
In lieu of all these preparatory works, there was a need for the Livelihood Program Officer to be assigned as the point person in order to assure the Kolping MFI’s registration to SEC & other Government Agencies, and at the same time the initial stage of its implementation. Therefore, the KSPI BOT endorsed her to the Kolping Microfinance Inc. to be their Chief Operating Officer (COO) to act as such (BOT Resolution #23, s2016) and was eventually appointed as COO by the Kolping MFI BOT last November 18, 2016 (BOT Resolution #005 s2016).
On August 31, 2016, the Registration Certificate of the Kolping Microfinance, Inc. was granted by the Securities and Exchange Commission – Regional Office V, Legazpi City, and thereby approving its Articles of Incorporation and Constitution/By-Laws. A soft-opening/launching was conducted last December 14, 2016 at its main office at Kolping Complex, Haring, Canaman, Camarines Sur.