World Vision representatives and partners take the stage in solidarity to promote and sustain the gains of CoMSCA in the communities where savings groups have been successful. (Contributed)
THE World Vision held its 2nd National CoMSCA Summit last July 14 and 15 at the Ecotech DepEd Center in Barangay Lahug, Cebu City.
The summit is 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,” said 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 summit was focused on financial inclusion and literacy among the youth, environmental conservation and using private sector programs to enhance savings methods. The event was also in celebration of Annual Savings Day.