On July 14 to 15, World Vision will hold the 2nd National CoMSCA Summit at Ecotech DepEd Center, Lahug, Cebu City, an annual event organized by various groups and organizations to promote financial literacy and the value of savings among grassroots communities in the Philippines.
CoMSCA, or the Community Managed Savings and Credit Association, is a World Vision economic development project model that aims to provide simple savings and loan facilities to communities where access to financial services is difficult.
It’s a simple, transparent and self-managed savings mechanism where members of the community save together, lend their savings to each other and share the profits. Members provide their own savings and credit services at negligible cost, while retaining earnings and investment in their own communities.
“It is remarkable that CoMSCA has grown into an effective system where savers can access useful lump sums to meet predictable expenses and make investments in income-generating activities,” shares Ernesto Macabenta, World Vision Visayas Associate Director. “We have discovered that thousands of lives have been uplifted and millions of pesos have been saved.”
This year’s two-day summit will focus on financial inclusion and literacy among the youth, environmental conservation, and using private sector programs to enhance savings methods. The event will also celebrate the Annual Savings Day, encouraging CoMSCA groups to save.
The summit is organized by the CoMSCA Network Partnership: World Vision, Zoological Society of London, the Philippine Partnership for the Development of Human Resources in Rural Areas, Precious Lambs Condell Foundation, Feed the Children, and Iloilo CODE NGOs, Inc. Since CoMSCA has started in 2009, the network partnership has organized 107,000 members in total, raising a total of P187 million.