“Microfinance and Women Empowerment: A Case Study among Women in

Tuguegarao City, Cagayan”

Submitted as a partial requirement in Accounting Research Methods

Bautista, Jeaselle Aubrey A.

Cornelio, Lynnette A.
Garcia, Jellene Mae M.
Macugay, Trizzel A.
Quilang, Tricia Q.
(Researchers)

Melad, Ariel F.
(Research Adviser)
 Chapter I
Introduction
Background of the Study
Microfinance is a type of banking service which provides access to financial and
non-financial services to low-income and unemployed people. It is a powerful tool to
self-empower the poor people especially woman at world level and in developing
countries. Micro-finance programs not only give women and men access to savings and
credit, but reach millions of people worldwide bringing them together regularly in
organized groups. Although no ‘magic bullet’, they are potentially a very significant
contribution to gender equality and women’s empowerment, as well as pro-poor
development and civil society strengthening. Through their contribution to women’s
ability to earn an income these programs have potential to initiate a series of ‘virtuous
spirals’ of economic empowerment, increased well-being for women and their families
and wider social and political empowerment. Micro finance services and groups
involving men also have potential to question and significantly change men’s attitudes
and behaviors as an essential component of achieving gender equality. (Khun, 2012)
Microfinance are treated as a key strategy in addressing the development issues
across nations since the last decades. Microfinance has also gained huge prominence
worldwide in the arena of economic development enhancement. The vision of micro
financial systems worldwide is to serve the impoverished majority, help them to lift them
out of poverty, and make them full participation in their country’s social and economic
development (Otero, 2015). As an efficient socio-economic financial mechanism,
microcredit enables of various agencies, both governmental and non-governmental, to
realize their targets, among them in the Millennium Development Goals (Hossain and
Knight, 2018). Microfinance is the provision of broad range of financial services such as
deposits, loans, payments, money transfers and insurance to the low-income households
and their micro-enterprises to break out of their impoverishment (Tiwari and Thakkur,
2017). Micro finance has become an important tool of economic development.
Empowerment of women means to let women survive and let them live a life with
dignity, humanity, respect, self esteem and self reliance. Kabeer (2010) stresses that
women’s empowerment is the process to acquire the ability from which those who have
been denied the ability to make the strategic life choices. Her emphasis that ability to
exercise choice incorporates three interrelated dimensions: Resources, Agency and
Achievements. According to UNIFEM, “to generate choices, gaining the ability and
exercise bargaining power”, “developing a sense of self worth, to secure desired changes,
belief in one’s ability and the right to control one’s life” are important elements of
women empowerment. Women will be empowered when they will have full control over
their own life.
Working women contribute to national income of the country and maintain a
sustainable livelihood of the families and communities, throughout the world. As they
face many socio- cultural attitude, legal barriers, lack of education and personal
difficulties. Traditionally, women have been marginalized. They are rarely financially
independent and often they are more vulnerable members of society. About 70% of
world’s poor are women. Yet they have no access to credit and other financial services.
Therefore, microfinance often target women. Microfinance is a critical tool to empower
women from poor household. So, particularly women can get benefit from microfinance
institutions as many microfinance institutions target only women, to empower them.
Microfinance services lead to women empowerment by positively influencing women’s
decision making power at household level and their overall socioeconomic status.
(Noreen, 2011)
Women’s empowerment is one of the important issues that are at the forefront of
development practitioners in most of the developing countries. Although women
comprise of the biggest proportion of the population of the world, their status and
involvement in decision-making is still very low. In many parts of the world where the
male dominated society system is predominant; women have been constrained by socio-
cultural structures. Women have not only been disadvantaged in access to material
resources like credit, property and money, but they have also have been excluded from
social resources like education and knowledge concerning some businesses (Cheston and
Kuhn, 2012). UNFPA stresses that women have been confined to taking care of the
families and house chores such as carrying water, collecting firewood as well as engaging
in most of the agricultural work with limited or no financial avenues. Such unpaid labor
activities have increased women’s economic shocks thus broadening the gender gaps
between women and men (UNFPA, 2014). With such a background, a number of
institutions including microfinances have come up to devise ways on how the situation of
women can be changed. Although it cannot be argued that all barriers to women’s
empowerment can be addressed through access to micro credit, claim that when properly
designed, microfinance programs can contribute to women’s empowerment. They argue
that microfinance puts capital in the hands of women, which enables them to earn an
independent income and contribute financially to the betterment of their families and
communities at large. Once women are helped to increase their incomes, they will always
spend their profits on their family needs particularly on children’s education, diet, health
care and clothing. Especially in the male dominated societies, such roles were
traditionally meant for a husband in a house. This research therefore is concerned with
examining the effect of microfinance to empowering women in which access to loans has
led to a change in gender roles at the household level (Noreen, 2011).
On the light of large number of literatures in micro finance and economic
development, very few studies have focused upon the women empowerment in the
Philippines context. For instance, the relation between micro finance and empowerment
issues is largely confined to the field surveys and experiments (Pati, 2016)
The findings of this study will contribute to the existing body of knowledge on
microfinance and empowerment of women. Considering the fact that the study was
carried out in a rural area, the findings will help in availing information on how rural
women have escaped the boundaries of culture to take on roles that were once defined by
society as men’s roles. The findings will also contribute to the ongoing debate of how
possible it is to achieve women’s empowerment through provision of microfinance. Since
the study focused on understanding how women perceive their own empowerment, then
such findings will be helpful to the policy makers in drawing recommendations on the
different ways of measuring empowerment especially at the household level.
 The aim of the research is to assess the role of microfinance in women
empowerment among residents of Tuguegarao City, Cagayan. The following task are
defined to achieve the aim of the research.
1. To examine the profile of the consumers
2. To identify the factors that empowered woman
3. To determine the level of effectiveness of microfinances to empower women
Microfinance plays a great role in the lives of millions of poor people particularly
women. Most areas of city, where microfinance loan is disbursed, dearth of women
decision making at the mystic level exist in both ruler and urban areas of city.
Microfinance as a whole is a new concept in Cagayan for improvement of women
empowerment.

Research Objectives
Generally, this study aims to assess the role of microfinance in women
empowerment among residence of _________, Cagayan.
Specifically, it seeks to answer the following research questions:
1. What is the profile of the consumers in terms of:
1.1 age
1.2 marital status
1.3 religious affiliation
1.4 highest educational attainment
1.5 sources of income
1.6 family size
1.7 monthly income
1.8 amount of loan
2. What are the factors that empowered women?
3. What is the level of effectiveness of microfinances to empower women?
4. Is there a significant relationship on the level of effectiveness of microfinances
to empower women when group according to profile variables?
 Chapter II
Review of Related Literature and Studies
This chapter deals with the review of different types of literature related to this
study.
Conceptual Framework
I. Microfinance
Microfinance is all about financial services provided in name of small loans to the
poor to start or expand their small business that may improve their living standard by
improving earning capacity as well as empower women by enabling them to make
economic decisions and alleviate poverty. Micro-financing is available to poor
entrepreneurs and to the low-income households who have no collateral and lack access
to standard bank loan. Microfinance programs have been introduced with the aim of
developing microenterprises; in addition to help existing business to grow by diversifying
their activities and coping poverty among the needy people of the developing countries.
According to Swapna (2017), microfinance can contribute to solving the problems of
inadequate housing and urban services as an integral part of poverty alleviation programs.
A promising solution is to provide multipurpose lone or composite credit for income
generation, housing improvement and consumption support.
Suprabha (2014) states that microfinance is one of the major and effective
instruments towards Financial Inclusion which provides economic opportunities to
weaker strata of the society by ensuring access to necessary financial services with the
purpose to eradicate the poverty and raise standard of living for the poor.
According to ADB's (Asian Development Bank, Manila, 2010), microfinance
Development Strategy microfinance is the financial service such as deposits, loans,
payment services, money transfers, and insurance to poor and low-income households
and their microenterprises.
Microfinance, according to Schreiner and Colombet (2011) is “the attempt to improve
access to small deposits and small loans for poor households neglected by banks.”
Therefore, microfinance involves the provision of financial services such as savings,
loans and insurance to poor people living in both urban and rural settings who are unable
to obtain such services from the formal financial sector.
The Microcredit Summit Campaign (2010) illustrated the concept of microfinance
very precisely: “Microcredit is about much more than access to money. It is about women
gaining control over the means to make a living. It is about women lifting themselves out
of poverty and vulnerability. It is about women achieving economic and political
empowerment within their homes, their villages, their countries”.
 II. Models of Microfinance
Various microfinance institutions in the world have adopted various Credit lending
models. Some of them are:
1. Grameen model
Grameen model is set by the Prof. Mohammed Yunus in Bangladesh targeting women
from low –income group as the main borrower. In this model, a bank manager and
workers visit villages to explain the purpose and model of operation of the bank to the
local people. In first stage, two out of five people in a group receive loan. The group are
then monitored for a month to see if they are following the rule of the bank. The other
member of that group can borrow money only when the first two borrowers repay money
with interest within fifty weeks of lending period. This pressurizes the group to keep
individual record clear (Bank, 2014).
2. Group model
In this model, if a member faces difficulty in paying back loan, then other members put
pressure on that member to pay it back soon. But it does not work then the whole group
will repay the loan on the behalf of that member (Johnson & Rogaly, 2017).
3. Individual model
This model does not need any group to formulate as micro loan is provided directly to the
individual. So there is no peer pressure for repayment (Bank, 2014).
4. Community banking
This banking model is mostly run by NGOs and other organization to develop
community by introducing community development programs. For this, semi-formal or
formal institutions are launch in the community to give out micro loan and train the
community members into different financial activities in generating income and saving
(Bank, 2014).
5. Bank guarantees
In this model, a commercial bank plays role of lender in which it arranges money from
external donor or government agency or by internal source using members’ savings.
Loans are provided directly to an individual or a self-formed group. Many international
and UNO have been creating international guarantees funds that banks and NGOs can
contribute to start micro funding programs (Bank, 2014).
6. Rotating saving and credit associations
This model is designed in such a way where a group of people contribute certain amount
per month. Then, this collected amount is lent to other member by lottery or other agreed
methods that will be paid back in regular or further monthly contributions (Bank, 2014).
According to Harper (2012), this model is a very common form of savings and credit. He
states that the members of the group are usually neighbors and friends, and the group
provides an opportunity for social interaction and are very popular with women.

7. Village banking model

This model was formed in mid-1980s by Foundation for International Community
(FINCA). Village Banks are community-managed credit and savings associations
established to provide access to financial services in rural areas, build a community self-
help group, and 16 help members accumulate savings (Otero & Rhyne, 2014).
Membership in a village bank usually ranges from 30 to 50 people, most of whom are
women. Membership is based on self-selection. The bank is financed by internal
mobilization of members’ funds as well as loans provided by the MFI.

III. Lending to poor women

As commercial banks often focus on men and formal businesses, neglecting the
women who make up a large and growing segment of the informal economy. A majority
of microfinance programs target women with a goal of empowering them, as women are
among the poorest and the most vulnerable group in the society, helping them should be a
priority because we believe that investing in women’s capabilities empowers them to
make choices which is valuable goal in itself but also contributes to a greater economic
growth and development.
Jain (2012) elaborate that microfinance had played a main part in various growth and
gender policies for the reason that it had a direct link to poverty alleviation and women
empowerment. Women played a significant role in any society and economy.
Microfinance lending had been endorsed as they were helpful in empowering women.
Rural women were competent to vote autonomously without any guidance from their
husbands and their involvement in Gram Sabah meetings had also increased. Women had
been capable to communicate their ideas liberally in the family and in groups. They were
also free to talk about their problems with bankers, officials and NGOs. Also, their
responsibility in decisions regarding children’s education had increased greatly as
compared to decisions regarding savings and expenditure
Microfinancing has emerged as a strategy for economic survival in the life of poor
women. The main idea is to empower them by generating income for themselves or for
household by providing earning opportunities according to Lendwithcare (2016). This
may lead in the growth of self-esteem, self-confidence and their status within the family
and society. According to Katharine Esty (2014), Microfinancing target women because
women make better use of small loans in compare to men which means women value
money by not spending it into luxurious items. Instead, they make proper use of it by
investing into some small business, for instance, in poultry farms which over the time
improves the health and education, contributing to the cycle of poverty alleviation.
 Hossain & Rahman, (2011) had mentioned that women living in rural developing
countries position in bottom line in both class and gender. Moreover, social, economic,
legal structure and cultural factors restrict them having control over their own life. They
find difficult in productive activities as commercial banks show less faith in women as
debtors due to little or not having any collateral. Even when they seek loan from the
bank, the manager questions them if their husbands are made aware of that or not. This
kind of barrier allow them to very little chance in financial autonomy, spatial, and
occupational flexibility. That is why MFIs target rural poor women as main borrowers to
help them enhance their income and contribution to economic growth. MF ensures that
women get control over resources, land, employment and income to improve their status
relative to men.
According to Cheston (2014), women tend to have higher saving ability and
repayment of loan is higher than men. It is stated that rural poor women despite of being
illiterate, work on group base and guarantees rather collateral. They focus not only in
investing opportunities for income but also manages risks against emergencies and
planning for their kids’ future and family members. They therefore value saving and are
more careful about investment decision which helps to continue business for long term.
However according to Yunus (2010), it has been argued that the microfinancing
services do not reach the very poorest of the poor. Whether it is true or not true,
microfinancing still reaches to millions of poor who do not get loans from commercial
banks easily. Before microfinancing starts, poor used to get loan from landlords and other
rich people in excessive interest rate. This used to take borrowers into a lifelong debt
cycle or even slavery.

IV. Forms of lending loan to women

Loan can be in different forms: cash or in kind. If the loan is ‘in kind’ by scheme then
it is in the form of seeds, tools, fertilizers, or livestock. If it is cash-based loan, then the
borrowers are provided cash credit for certain period in the commitment of repaying it on
specific time with interest. Thus, microfinancing requires applicants to specify what loan
they are looking for and how they are going to use it. Cash credit can be better option
since the borrowers can use it as per their requirement. It is also easier to transport as
transportation of seeds, tools or machineries can be cost expensive to the providers and
less advantage to the borrowers unless they are provided high quality goods and products
with a short-term guarantee. Nevertheless, microfinancing feel lending cash is useful in
breaking a chain of poverty if invested in productive purpose rather than consumption

V. Women empowerment
Empowerment is an ability on women to make strategic life choices which were
somehow in some point had been denied to be provided in their life according to
Sevefjord & Olsson (2010). It is a process for women to increase self-reliance,
independent right to make choices, and to control available resources which will assist in
challenging their own subordination. It is very used in present context in developing
countries in various ways. One of them is in the Millennium Development Goals (MDGs)
by UN as ‘Gender equality and women’s empowerment’ in form of the third goal
(Kabeer, 2013). According to her, “the empowerment of poor women must clearly be part
of an agenda that addresses the empowerment of the poor in general. At the same time,
however, poor women are generally subordinate to poor men. The reduction of poverty
thus has to take account of gender inequalities among the poor, including inequalities of
power.”
Women’s empowerment is one of the important issues that are at the forefront of
development practitioners in most of the developing countries. Although women
comprise of the biggest proportion of the population of the world, their status and
involvement in decision-making is still very low. In many parts of the world where the
male dominated society system is predominant; women have been constrained by socio-
cultural structures. Women have not only been disadvantaged in access to material
resources like credit, property and money, but they have also have been excluded from
social resources like education and knowledge concerning some businesses (Cheston and
Kuhn, 2012). UNFPA stresses that women have been confined to taking care of the
families and house chores such as carrying water, collecting firewood as well as engaging
in most of the agricultural work with limited or no financial avenues. Such unpaid labor
activities have increased women’s economic shocks thus broadening the gender gaps
between women and men (UNFPA, 2014). With such a background, a number of
institutions including microfinances have come up to devise ways on how the situation of
women can be changed. Although it cannot be argued that all barriers to women’s
empowerment can be addressed through access to micro credit, claim that when properly
designed, microfinance programs can contribute to women’s empowerment. They argue
that microfinance puts capital in the hands of women, which enables them to earn an
independent income and contribute financially to the betterment of their families and
communities at large. Once women are helped to increase their incomes, they will always
spend their profits on their family needs particularly on children’s education, diet, health
care and clothing. Especially in the male dominated societies, such roles were
traditionally meant for a husband in a house. This research therefore is concerned with
examining the effect of microfinance to empowering women in which access to loans has
led to a change in gender roles at the household level (Noreen, 2011). Khan and Noreen
(2012) explained that variables like marital status, age of the woman and number of
children are significant factors in empowering women through microfinance.
For Oxfam (2015), empowerment is about challenging domination and inequality. It
states, ‘Empowerment is a challenge to face domination in the society that exists in
millions of people’s life which are inequitable, or in ways which deny their human rights.
Important India explains Women Empowerment as an environment for women where
they can make decisions for themselves for personal benefits and for the society by
increasing and improving social, economic, political and legal strength by making them
confident enough to claim their rights and get their voices heard (India, 2015)

VI. Succes of micro financing stories in world

 Prasada Rao and Raavi Radhika (2011) in their study concluded that micro finance
has now developed deep roots in many parts of the country. Micro finance has been
established firmly but the peoples’ mind-sets are the biggest road block in the success of
an innovation. They suggested that since micro finance has been instrumental in
empowering women, more effort should be put for women’s development through micro
finance. As most of the beneficiaries in rural areas are illiterates, the banks may organize
training and development programs for motivation of the beneficiaries. Khadka (2014)
points out that the microfinance has been able to reach the women of rural area and
shows potentiality of empowering them.
The history of microfinancing can be tracked back in the 1846 when the theorist
Lysander Spooner, activist and entrepreneur, pointed about benefits that farmers can get
through small credits to overcome poverty in rural America. However, the modern
concept of microfinance is started with Dr. Muhammad Yunus from Bangladesh in the
1970s who loaned $27 from his own pocket to 42 people of Jobra- a tiny village in
Bangladesh in 1976 for zero interest. The idea was to help poor from going through
traditional way of banking, based on collateral deposits according to Hossain & Rahman
(2011). These poor were neglected by commercial bankers that as they thought the poor
were less capable of paying back the loan on time due to the low breakeven point needed
by banks to generate positive revenue on the transaction they make. Later he found it
difficult to self-finance an expansion of his mission and decided to look for government
assistant and establish Grameen Bank. Grameen Bank which means ‘Village Bank’ when
translates takes the banks to the people looking for financial assistance. It provided loan
without collateral deposits. The maximum loan taker at Grameen bank are poor rural
landless women who use these loans in different nonagricultural activities. The bank
regularly makes weekly and monthly visits at the borrowers’ house to make sure the loan
has been utilizing properly and they repay the loan on time. The loan is based on group
borrowers of five who guarantee each other’s loan and it is obligatory to join a group
(Hossain & Rahman, 2011). Since the repayment rate remained high, the bank expanded
its service to other part of the country and started to work independently without
government support and received consistent tentative repayment rates about 98%. In 23
2006 Dr. Yunus and Grameen bank received the Noble Peace Prize for their support to
the poor (Justice, 2016).
The success of Grameen Bank can be measured with the increasing number of new
micro finance institutions in the 1970s and 80s started with the help of grants and
subsidies from public and private source commenced by NGOs (Non-Governmental
Organization) (MicroWorld.org, 2016). The World Bank estimates to have 160 million
people in developing countries are getting benefited by micro funding (Kiva, 2016). The
success does not stop here. In 1990s, the micro institutes could not only depend on grants
they were receiving thus, they decided to involve commercial investors and apply formal
business practices to sustain and improve working condition. Between 1997 and 2002,
MIFs grew rapidly from 618 to 2,572 demanding to have 65 million clients that sprung
from 13.5 million in 1997. In Latin America, where commercial financing grew rapidly,
gets 54% of micro borrowers and provides 74% of region’s loan. In 2005, MIFs lending
jumped from $513 million to $981 million (Justice, 2016). And now, it is estimated that
over 10,000 MFIs exist today, including credit unions, NGOs, cooperatives, private and
commercial banks, and governmental agencies.

VII. Socio-economic status of women in the Philippines

The current situation of women in the Philippines is best described as having sharp
contradictions. The Filipino women may be considered as one of the most advanced vis-
à-vis the women in other countries, in the areas of academic, professional, politics and
legislation. However, they also suffer from domestic violence, economic disadvantages,
discrimination at the workplace, exploitation as migrant workers, and as prostituted
women and displacement brought about by the intermittent wars in conflict affected
areas.
The Philippines is the only country in Asia to have closed the gender gap on both
education and health and is one of only six (6) in the world to have done so. Moreover,
the Philippines’ scores on political empowerment continues to improve as its economic
indicators such as estimated income, labor force participation and income equality for
similar work. The Philippines is the only country in the world where women have parity
to men in senior management roles. However, despite the remarkable achievements
above, thousands of Filipino women suffer from sex and other gender related abuses
While Filipino women suffer the same domestic violence, and economic
disadvantages all over the country, women in some parts of Mindanao and other conflict
affected areas in the Philippines suffer more. As in most countries affected by
displacement brought about by armed conflict, women and children make up the great
majority of the displaced population in the Philippines, and experience additional
vulnerabilities. The intermittent wars affect women’s livelihood, health, education and
family life, among other things. In the area of legislative reforms, the Philippines has
ensured the protection of women against economic, social and political forms of
discrimination. The country has passed important laws like the Rape Victim Assistance
and Protection Act of 1998, the Anti Sexual Harassment Act of 1995 and the Anti-
Violence Against Women and Their Children Act of 2004. The Philippines also has a
vibrant women’s movement which is recognized for its work in the international and
national levels.

VIII. Micro finance in the Philippines

Several factors have contributed to the growth of the microfinance industry in the
Philippines – the adoption of a sound business model – patterned after Grameen Bank –
that caters to a large untapped market, assistance from government and / or donor
agencies, a supportive policy and regulatory environment, and innovations based on
Internet and mobile technology. However, microfinance institutions (MFIs) continue to
face challenges that could affect their ability to reach more poor people even as they
strive to achieve financial sustainability. To better understand the challenges faced by
MFIs in meeting both their social and economic goals, we propose a research
program that addresses the gaps in measuring the ‘quality’ and ‘welfare’ dimensions of
financial inclusion, and that complements the development-economics literature by
examining MFIs from a business-strategy perspective.
The Philippine government has long recognized the critical role of microfinance in its
poverty alleviation efforts. A key development is the formulation in 1997 of the National
Strategyfor Microfinance, which listed the  following principles as the  foundations 
of the  government’s  microfinance policy: (a) an enabling policy environment that
facilitates the increased participation of the private sector in microfinance, (b) market-
oriented financial and credit policies, (c) nonparticipation of government line agencies in
the implementation of credit / guarantee programs, and (d) greater role of the private
sector. MFIs in the provision of financial services. These principles served as a guidepost
for subsequent policies and regulations that were put in place to help microfinance
industry players achieve their twin goals of outreach and financial sustainability. As a
result, the Philippines has been recognized for providing a business environment within
which microfinance institutions thrive. For example, the Consultative Group to Assist the
Poor (CGAP) declared the country’s  microfinance  industry  as  “the  best  in 
implementing microfinance programs to reduce poverty” during the International Year of 
Microcredit 2005, a  special event of the United Nations held in New York City (Micu,
2010, p.7). More recently, the Philippines ranked first in the world in terms of policy and
regulatory framework for microfinance, and is in the top ten in terms of overall
microfinance business environment (The Economist Intelligence Unit Limited, 2012). In
spite of these gains in the microfinance sector, however, the Philippines still has a long
way to go in its journey towards financial inclusion, which can be reckoned in terms of
the following: (a) access – the supply and availability of financial products and services
from formal institutions; (b) usage – the levels and patterns of use of different financial
products and services; (c) quality – the experience of the consumer, demonstrated in
attitudes and opinions towards those products that are currently available to them; and (d)
welfare – the impact of a financial product or service on the lives of consumers, including
changes in consumption, business activity and wellness (BSP, 2012).

Related Studies
This chapter presents a resume of literature and studies in the Philippines and
foreign countries that relevant to the study.
Foreign Literatures
Based on the study entitled “Microfinance and Woman Empowerment of
Nepal” by Shakya, K. (2016), poverty always exist into the world in various forms. It is
precisely known to the poor countries where people still fight for basic daily needs. This
study is made on the basis of women in Nepal where poverty and women empowerment
are the main problem. In other to support to alleviation of poverty and encouraging
women to gain status in life, Microfinance institutions are playing as one of the main
tools. There is a general consensus that microfinance is not equal to all poor women but
has positive consequence in the life of Nepalese women. The study investigates the role
of Microcredit and its effect on its borrowers. The study is based on the self-made
questionnaires to the women of city and village. It is also based on various previous
research. The data is collected via telephonic interview from two different areas in Nepal
and then analyzed and compared. The research findings proved that there is an
improvement not only in economic terms but also in social terms. The results show a
positive impact in income and saving despite of different interest rate charged by the
companies. Although MFIs are mushrooming in Nepal, the poor villagers are remained
under high interest rate with less accessible of money lending comparing to the women in
city.
Another study of the “The effect of microfinance on the empowerment of
women and its societal consequences in Andhra Pradesh” by Berglund, K. (2017),
Microfinance and micro-credit practices have become a popular means of local
development. In India, their expansion has been largest in Andhra Pradesh. These
practices target primarily women, who are encouraged to construct self-help-groups in
order to have a social basis for raising collateral and for receiving financial services.
Microfinance has been perceived by the public as inducing strong positive effects on
women’s empowerment and as strengthening the democratic fiber. From these
standpoints, expansion and effects, it has been evaluated and analyzed whether
microfinance can empower women and if empowered women can make a difference in
women’s and societal issues. Interviews were carried out in Andhra Pradesh with women
active in self-help-groups, group members with political offices, whole self-help-groups,
husbands of group members and microfinance consultants. The interviews were
evaluated on the basis of theoretical notions of empowerment and wider impacts.
There are tendencies of self-help-groups being capable of empowering women,
within the DWCRA-development model. Achievements such as geographical mobility
and active decision making have been found. However, there are also tendencies towards
women’s disempowerment, in which women have become even more subjugated after
receiving loans. From a societal point of view, the groups have in many ways improved
the local communities that they are active in, but less so from formal political positions.
The conclusion reached was that there is a connection between empowerment and the
deepening of democracy, but this is not as linear, strong or automatic as proponents
uniformly emphasize.
A study on the “Microfinance and women empowerment: A case study of
District Bahawalpur (Pakistan)” by Ali Khan, R. & Noreen, S. (2011), Empowerment
of women is one of the important issues in developing countries. Women are an integral
part of the society, their participation in decision making through their participation in
economic activities is very low. Microfinance plays a significant role in improving
women decision making through participation in economic activities. The study is an
attempt to explore the socioeconomic determinants of women empowerment, focusing on
the women who have availed the micro-credit. Women empowerment is measured by
constructing simple index based on five indicators related to child health, education,
selection of spouse of children, purchase of basic goods and decision of household
savings. The results based on the primary data of District Bahawalpur show that women
empowerment is considerably influenced by age, education of husband, father inherited
assets, marital status, number of sons alive and amount of microfinance. The study
decomposes data into two subsets showing where the loan is utilized by women
themselves and where the loan is utilized by other members of the household, like
husband, father or head of household. It is concluded that females using loan by
themselves have better effects of microfinance on empowerment as compared to the loans
utilized by other members of the household. Finally, it is concluded that microfinance as
a major explanatory variable of the study has shown positive effect on empowerment of
women but not as much as it was expected. It is suggested that along with provision of
education and family protection the enlarged volume of microfinance and its utilization
by the woman must be ensured. Microfinance institutions should strengthen and expand
their support to women for their empowerment.
Another study on the “Microfinance And Women’s Empowerment” by La
Rocque, M. (2015), Bridging the gap between socially responsible investment bankers,
World Bank officials, and non-profit workers, the idea of microfinance has become
paramount to the development industry. However, one of the important caveats of the
industry is its large gender disparity as almost 73% of all microfinance borrowers are
women. A fact claimed by many to show microfinance’s intense emphasis on women’s
empowerment. The purpose of this study is to test this claim and analyze the effects of
microfinance on women’s empowerment. Through the use of traditional OLS regression
on cross-sectional time series data from Mix Market, WDI and DHS, this study examines
the extent in which microfinance empowers women using measures of female enrollment
in secondary school and the proportion of women with financial independence. Despite
the claims that microfinance empowers women, the results of this study show limited,
and in a few cases, negative effects of microfinance on women’s development indicators.
There are three proposed reasons for this lack of significant results: a) microfinance
causes negative incentives encouraging girls to be employed in small family businesses
instead of enrolling in school, b) the effects of microfinance follow a generational effect
and is therefore not displayed in the limited years of this study and c) in the majority of
countries enrollment rates are already fairly high which causes little variation to be
explained within the values.
In the research conducted by Thien Nguye, A. (2018) entitled “Microfinance and
Women 's Empowerment: An Empirical Evidence in Vietnam”, impact of
microfinance on women’s empowerment with a case study on TYM Funds, a Vietnamese
microfinance program initiated by Vietnam’s Women Union. The purpose of the study is
to examine whether microfinance participants are more empowered than non-members,
and whether membership duration enhances the degree of empowerment among the
clients. The author constructs the empowerment indices based on three subdimensions:
Economic Security, Household Major Decision, and Community Involvement. The
empirical data is built on TYM Funds’ impact assessment survey, which was conducted
on 544 women including in-training clients, new clients and mature clients. A logistic
regression model is used to analyze the data. It is found that microfinance members are
overall significantly more empowered than non-members in every dimension, but there is
little evidence to corroborate the monotonous relationship between membership duration
and the degree of empowerment among the mature clients. Also, it is found that higher
score in the empowerment indices is partially influenced by the number of household
members who earn regular income, and married women appear to be less likely to be
empowered than non-married borrowers in every dimension.
 Another study on the “Empowering Women Through Microfinance: Evidence
from Uttar Pradesh, India” by Dr. Kumar, K. (2020), attempts to clarify the existing
debate about the various factors that contribute to women empowerment through various
microfinance initiatives. It is found that most of the beneficiaries belong to middle age
group and have basic school education. The review of previous studies also demonstrates
the relevance of micro finance programs in women empowerment. It has been found out
in this empirical research that political engagement, mobility & freedom, economic
independence, self-confidence & respect, education relevancy, protest against social ills
and financial planning & control are the most important factors contributing to the
women empowerment. Self-confidence & respect has engaged as a contributor of two
variables: Women are more independent than before and have freedom to participate in
their family business if required, clearly indicates the empowerment of women. These
two issues where the respondents feel that they are more independent than before and
they can take decision in their family emerged as strong indicators of women
empowerment. Other factor through very important could be taking a lead from these
two. The other factors group represent economic, social and political empowerment
through these views. In our opinion micro finance initiatives should be directed towards
providing major thrust to these factors. The Self-help group formation through
microfinance initiatives has provided opportunities to women to become aware about
their rights of equality in the society and participates in the different activities to generate
earnings and providing self-employment
A study entitled “Impact of Microfinance Services on Rural Women
Empowerment: An Empirical Study” Dr. Ashwin G. et.al (2014), sought to analyze the
impact of microfinance services in empowering the rural women. The outcomes of
multiple regression revealed that four factors like socio-economic status upgradation,
autonomy for life choices, women position in the family/society and positive approach
towards child development can significantly influence the lives of rural women.
Traditionally, rural women’s role was to provide support to their husband and family
which show the suppression of women in rural household. The results of this study states
that microfinance has improved their economic condition and enhanced their ability to
contribute in their family’s decision making. As rural women started to earn and
contribute to their family expenses, their husband’s behavior towards them has changed
considerably. The study also indicates that the livings standard of their family has
improved. They are asked by their husbands to take part in making family decisions
(Mahmud & Sultan, 2010).
The findings may be useful to microfinance institutions to strengthen and expand
their support to rural poor women. Microfinance institutions should conduct usual
meeting with the beneficiaries to make them aware about the use of loan in proper
business. Govt. and NGOs, on the basis of the study findings, may formulate its policy to
empower rural women socially and economically. Based on the above conclusions, the
following recommendations are suggested: (a) Microfinance institutions should try to
extend more credit facilities to clients to expand their businesses since the study results
confirmed that microfinance had a positive impact in empowering rural women. (b)
Microfinance institutions should provide training programs to rural women to improve
women’s entrepreneurial skill and reduce the problems which hinder their access to
microfinance. (c) Govt. should grant tax exemptions and other incentives to the
organizations which seek to extend credit facilities to rural women as a way of
encouraging them to run small scale business.
Another study entitled “The Role of Microfinance in Women’s Empowerment:
A Comparative Study of Rural & Urban Groups in India” by Ramchandani, R.
(2017), the correlation between a lack of female empowerment and other indicators of
societal and economic underdevelopment is extremely strong and this has been widely
documented in both the academic literature as well as in policy studies. The theoretical
basis for this correlation is rooted in the inherent inefficiency of traditional patriarchal
societies wherein the suppression of women’s voices is a symptom of a deeper malaise
that blocks development. It is a reflection of a backward-looking traditionalism that
inhibits progress on all fronts. Hence, while empowering women has direct practical
effects on poverty reduction, these are likely to be the tip of the iceberg. The broader
effects on societal values may well be far more significant. It is now well established that
access to credit is a key factor in empowering women and it typically takes the form of
microfinance. It follows that credit for women is one of the most important tools of
development. However, the vast majority of this literature has focused on the rural
context (Hashemi et al., 1996). The urban context has received much less attention.
Comparisons of microfinance programs between rural and urban areas are even more
rare. Hence this study that compares microfinance programs in these two contexts, taking
into the account the nature of the relevant programs (the Self Help Group model in rural
areas and the Joint Liability Group model in urban areas) is path breaking in scope.
The study findings found out that nature of the challenges faced in the two
contexts is fundamentally different and therefore need to leverage different tools and
resources. These findings are of seminal importance and can be linked to slightly more
general arguments with regard to entrepreneurship in poverty-stricken economies (Hill
and Mudambi, 2010). These are that bottom-up development requires focusing on
linkages (in rural areas) and flexibility of production (in urban areas). Women’s
empowerment also has effects on men and not all of these are positive. There is a
literature documenting that as women’s empowerment has become the social priority of
development policymakers, men have been neglected. This has often been accompanied
by men being disempowered and no longer able to fulfil “their male roles as head of
household and breadwinner” (Silberschmidt, 2001).
The study also notes that an unintended and undesirable effect of women’s empowerment
is an increase in violence (including sexual violence) against women by such
disempowered men. for placing this valuable new resource in the hands of academics and
policymakers.

Local Literatures
According to research study entitled “Effect of Microfinance Operations on
Poor Rural Households and the Status of Women” by Kondo, T. (2017), results of the
focus group discussions in the three countries indicate that the microfinance projects had
positive effects on the status of women, particularly in the household. The following
changes were observed: (i) greater role in household generation of cash, (ii) greater
involvement in making major expenditure decisions and generating cash savings, (iii)
ability to generate more income on their own and greater role in business decision
making, (iv) acquisition of more skills and expanding their network of friends and
support system, and (v) increased acquisition of assets. These observations were
supported by the results of the sample surveys in Philippines and Bangladesh of women
that participated in microfinance programs. These surveys showed an increased role of
women in accessing finance; managing their businesses; and improved relationships
between husbands and wives, joint decision making, and sharing of household
responsibilities.
To improve the quality of impact evaluations, microfinance projects could budget
for baseline as well as post-intervention data collection that would include not only
treatment households but also control households. Given the costs of such surveys, they
should not be routinely included in all microfinance projects but only in carefully
selected projects. ADB should include plans for rigorous impact evaluation in the design
of these selected projects. Drawing on the evaluation findings, microfinance projects
need to be more focused and deliberate in targeting poor households. In this regard,
projects need to (i) clearly define the target group; (ii) identify the barriers to their
program participation; and (iii) include interventions and/or mechanisms to remove these
barriers. Further, ADB should consider building staff capacity in microfinance through
systematic training; and use internationally accepted guidelines and principles in
formulating the design of its microfinance projects.
According to Obaid, T. et.al (2011) in his study entitled “Exploring Linkages:
Women’s Empowerment, Microfinance and Health Education” gender equality is a
critical element of development success. Women’s empowerment is essential for
achieving gender equality and includes four main components. Integral to women’s
physical and emotional well-being, these are also fundamental if women are to achieve
equal political, economic, social and cultural rights. Survey results reveal that
microfinance involvement is significantly correlated with the areas of empowerment
indicated above, although not conclusive for the right to have and determine choices in
terms of microfinance’s impact on women’s sexual and reproductive health.
A high proportion (87 per cent) of all clients informed their husbands of their
microfinance involvement. Moreover, 85 per cent of husbands who were informed
supported their wives in this endeavor. 9 A high overall level of women were self-
employed (89 per cent), had an income separate from their husband’s (81 per cent), had
already started their businesses without microfinance loans (78 per cent) and had a high
level of participation in decisions regarding their own earnings and both daily and large
household purchases. These findings suggest that microfinance is widely accepted as an
appropriate activity by male partners, indicating women’s ability to control their own
lives both within and outside the home, as women have the freedom and support within
their marriage to pursue economic and financial activities. The findings also suggest that
microfinance attracts independent, entrepreneurial clients.

Another study on the “Microfinance in the Philippines” by Umali, K. (2018),

poverty rates in the Philippines have generally declined in the last 20 years, but it remains
a persistent, widespread problem in the country. The Philippine government has made
poverty reduction a high priority. Microfinance, or the provision of financial services
such as loans to poor families, is recognized as a potent method of directly improving the
lives of those most in need. When managed correctly, these small loans can be used to
build small businesses and develop other income-generating activities that have a long-
lasting impact. The Philippine government has recognized the efficacy of microfinance
and has made progress in promoting the development practice. It has also prioritized the
need to accelerate the use of microfinance and expand its reach across the country. In
2015, more than two-thirds of poor families, or 17 million people, did not have access to
microfinance.

Results findings stated that, microfinancing assisted the Philippines in more than
doubling the number of active microfinance clients in the country, from 2.4 million in
2016 to 5.5 million in 2018. During the same period, about 2.6 million jobs were created,
according to the program completion report produced by ADB. In addition, it took a
wider view of microfinance than simply lending. This included helping to increase the
number of microfinance institutions that offered micro savings and microinsurance
services. Microfinance institutions in the Philippines became more sustainable by
assisting in the adoption of performance standards by government regulatory agencies
and those doing business related to microfinance. These standards promoted legal and
ethical practices within the microfinance industry, whose clients can be vulnerable to
exploitation.

Working in coordination with the Philippine government, the program promoted

the use of electronic banking, particularly with mobile phone technology. This lowers
costs and saves time for microfinance clients, who often make multiple small loan
payments a month. Rather than physically visiting a microfinance office, or relying on a
go-between, the client can pay quickly and cheaply using their mobile phone. The
program also helped create new legislation, bolster a government regulatory agency and
produced a consumer protection guidebook that helped improve the oversight of the
industry and while increasing the financial understanding of clients.

A study on “Operationalizing Microfinance: Women and Craftwork in

Ifugao, Upland Philippines” conducted by Milgram, L (2011), in the 1990s,
microfinance emerged as the leading development strategy adopted to alleviate poverty
and empower the "poor," particularly women. Views differ, however, on the extent to
which access to financial services can enhance participants' quality of life. The paper
addresses this ongoing debate by analyzing a new (mid-1997) microfinance program in
the northern Philippines established by the Central Cordillera Agricultural Programme
(CECAP). Focusing on women's work in crafts, this paper argues that CECAP has
initially focused on achieving financial self-sustainability within the short time frame
allotted to the project, rather than emphasizing social change objectives. In so doing,
primarily those women with already existing businesses or microentrepreneurs, not the
"poor," are benefiting from the system; and many women are behind in their loan
repayments. The fluctuating demand for crafts prevents entrepreneurs from passing on
gains to small producers. By stressing timely loan repayments and not considering the
broader socioeconomic and class infrastructure, CECAP's microfinance program has
failed to build borrowers' collective agency and empowerment.

In the research conducted by Habaradas, R. (2013) entitled “The microfinance

industry in the Philippines: Striving for financial inclusion in the midst of growth”,
several factors have contributed to the growth of the microfinance industry in the
Philippines – the adoption of a sound business model – patterned after Grameen Bank –
that caters to a large untapped market, assistance from government and / or donor
agencies, a supportive policy and regulatory environment, and innovations based on
Internet and mobile technology. However, microfinance institutions (MFIs) continue to
face challenges that could affect their ability to reach more poor people even as they
strive to achieve financial sustainability.

CHAPTER III
RESEARCH METHODOLOGY
This chapter presents the research design, the participants of the study, the data
gathering instruments, locale of the study, data gathering procedures, and data analysis of
the study.

Research Design
This study aims to focus on qualitative research as microfinance and women
empowerment are wide-ranging disciplines with a range of interpretations so a qualitative
analysis would ensure a thorough understanding of the variables. A case study approach
is used to allow an in-depth explanation of the social phenomena at hand. In present
study, the researchers intend to analyze the impact of microfinance on women
empowerment and other factors that influence empowerment.

Participants of the Study

The participants of the study are female residents of the different barangays in
Tuguegarao City, Cagayan by sharing their adequate knowledge on the research
variables. 3 female each on the 49 barangays of Tuguegarao City, Cagayan will be
selected with age ranging 20-60 years old and a registered client to any microfinance
institution on their name.
In this study, a simple random sampling technique will be used in selecting the
participants to ensure that there is a fairly equal probability of being chosen and is meant
to be unbiased representation of the total population.
Instrumentation
The study will primarily use survey questionnaire to gather information with close-
ended questions and was compromised of 2 main parts which were related to the
respondent’s perception regarding the role of microfinance in women empowerment. In
the questionnaires, five-point Likert scale will be used ranging from 1 as strongly
disagree, 2 as disagree, 3 as neither agree nor disagree, 4 as agree and 5 as strongly agree.

Locale of the Study

The research locale is situated at the different barangays of Tuguegarao City,
Province of Cagayan.

Data Gathering Procedure

A letter addressed to the research adviser asking for permission to conduct the study
will be passed. Once approved, the researchers will ask permission through a consent
form to the participants to willingly participate in the data gathering of the study. If the
participants agree, brief background and orientation about the objective and purpose of
the study will be explained, and they will be asked to answer questions that aim to know
the role of microfinance in women empowerment.
The survey will be created using suitable questions modified from related
research and individual questions formed by the researchers. Survey questionnaires will
be administered and the data gathered from this research instrument will be tallied and
computed for interpretation according to the frequency of items checked by the
respondents.

Data Analysis
The data to be gathered through conduct of survey questionnaires will be
analyzed using SPSS statistical software. The statistical procedures that will be used in
this study includes the independent sample t-test to compare respondents’ profile to role
of microfinance in women empowerment and spearman correlation to determine the
relationship of the variables.
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