International development: Four Luxembourg organisations have recognised a Philippine NGO for its innovative agricultural lending programmes.
Photo: Charles Caratini
Alay Sa Kaunlaran Inc. (ASKI) received the 4th European Microfinance Award, a six-figure prize to honour its “efforts to support the local Philippine agriculture sector,” on November 15.
“ASKI won the coveted award, gaining recognition for their micro-credit initiatives to improve food security, strengthen food distribution networks, increase yields and empower farmer communities,” the award organisers said.
“To date almost 19,000 Philippine farmers are benefiting from these loans, which are making a valuable contribution to the needed food security initiatives of our country,” Rolando Victoria, CEO of ASKI said in a press statement. “We are honoured to receive recognition from such an esteemed jury. We will use the funds to invest in further opportunities for the farming community which would provide them with additional sources of income to sustain the daily needs of their family.”
The European Microfinance Award--a cash grant of €100,000--is given every two years by Luxembourg’s ministry of foreign affairs, the EU’s European Investment Bank, and Luxembourg-based NGOs European Microfinance Platform and Luxembourg Round Table on Microfinance.
This year’s competition focused on “microfinance for food security” and highlighted initiatives to improve the supply, quality and distribution of food in the developing world.
Bolivian programme Banco FIE and Kompanion in the Kyrgyz Republic were the top two runners-up.
The event on November was held at the EIB’s headquarters in Kirchberg, with Grand Duchess Maria Teresa presenting the award.