MANILA - Global financial services company JP Morgan Chase is giving $650,000 or around P33 million to international nonprofit Grameen Foundation to help 3,500 women running microenterprises in the Philippines whose livelihoods were affected by the COVID-19 crisis, Grameen said on Thursday.
The program will provide immediate relief and longer-term recovery support to 3,500 women entrepreneurs running microenterprises in Metro Manila and Cebu City, the nonprofit said.
“Here in the Philippines and through our partnership with Grameen Foundation, we are tackling inclusive recovery with a focus on supporting the most vulnerable individuals as they go through these difficult times,” said Carlos Mendoza, senior country officer of JP Morgan in the Philippines.
Women microentrepreneurs have found it challenging to sustain their incomes due to the lockdowns imposed to check the spread of COVID-19, Grameen said.
Microfinance institutions (MFIs) that traditionally support microentrepreneurs are also facing difficulties sustaining their businesses because of the COVID-19 crisis, it added.
“J.P. Morgan understood early that relief and recovery of individual entrepreneurs, especially women, would be a critical step to ensuring the economic resilience of the Philippines in this time of crisis, and we are proud to partner with them on this important initiative,” said Steve Hollingworth, president and CEO of Grameen Foundation.
Grameen said it would work with selected partner MFIs to reach these entrepreneurs and deliver non-cash vouchers for medicines and groceries.
The foundation will also train MFIs and women microentrepreneurs on financial literacy and how to be more resilient during the COVID-19 crisis and beyond.