Financial institutions of CARD Mutually Reinforcing Institutions (CARD MRI) has suspended its microfinance operations from March 17 to April 12, 2020. This is in response to the recent declaration of enhanced community quarantine due to the COVID-19 outbreak by the Philippine Government.
While the obligation for weekly loan payments are lifted until the resumption of its operations, CARD Main Bank Branches are still open from 9:00AM to 3:00PM on Mondays to Fridays so that clients can perform transactions such as deposits and withdrawals. Likewise, bank clients can still do transactions through ATMS, Digital Cash Machines, and the konek2CARD app. Savings withdrawals can also be facilitated by konek2CARD agents of CARD Banking Group.
“This is our effort to show our sympathy and concern to our clients in these trying times,” said Dr. Jaime Aristotle B. Alip, CARD MRI Founder and Chairman Emeritus. “We understand that our clients would face liquidity problems and potential losses. It is through implementing moratorium that we can support them.”
He further added that the implementation of community development programs such as medical missions, mass weddings, and livelihood trainings, among others are temporarily cancelled to support the government’s campaign on social distancing.
CARD MRI Managing Director Flordeliza Sarmiento also added that other essential services will still be provided. “COVID-19 is a serious health threat thus we know that this is the time when we are needed by our clients and staff the most. Our clinics and laboratory are still open for our clients and staff while our pharmacy, BotiCARD, will remain open to the general public,” she explained.
CARD Mutual Benefit Association, the insurance arm of CARD MRI, will also be on moratorium for its insurance premium payments but will still process and disburse claims benefits. Clients may settle their claims in CARD main bank branches and CARD MBA Provincial Offices.
During this period of community quarantine, CARD MRI will also continue paying for the salaries of its staff. Necessary support including housing, food, vitamins and hygienic products are provided to staff who were unable to go home to their provinces.CARD MRI is a group of institutions that aims to eradicate poverty through microfinance and other development-oriented programs. Of its member institutions, those offering the moratorium are CARD, Inc. (A Microfinance NGO), CARD Bank, CARD SME Bank, and CARD MRI Rizal Bank. CARD MRI has more than 6 Million clients, 19,027 staff, and 3,241 offices nationwide. Considered the largest in the microfinance industry, CARD MRI is an important catalyst in the country’s economy down to the community level, as it provides capital that enables poor households to engage in microenterprises as well as generating jobs directly and indirectly. (PR)
