Philippine Business for Social Progress (PBSP) together with Hapinoy, the Philippine Disaster Recovery Foundation (PDRF), and four major Micro-Finance Institutions join forces to help revive the sari-sari (mini-retail) economy in areas affected by Typhoon Yolanda.
The project dub as Project Bagong Araw will cater to hundreds of sari-sari stores, reaching an estimate of 100,000 people in an effort to manage price inflation of basic commodities in the affected areas.
Hapinoy, the principal implementer of the project, seeks to utilize its experience in working with micro-entrepreneurs in contributing to rebuilding areas affected by the typhoon by providing sari-sari store owners with grants for sari-sari store renovation coupled with capacity building support in mini-retail management. The MFIs, on the other hand will provide rapid access to loans to store owners for commodity inventory and to community-based organizations and social enterprises for livelihood projects. This project hopes to create a sustainable supply and demand ecosystem for economic growth in the areas affected by Typhoon Yolanda.
The Philippine Disaster Recovery Foundation funded the research to support the development of Project Bagong Araw and initial funding for implementation will be through the Philippine Business for Social Progress - Program Management Office for Livelihood and Enterprise Development.