Community-managed Savings and Credit Association celebrates 10 years
One of the country’s biggest savings group movement is celebrating its 10th anniversary this year and it culminated during a National Summit last May 28-30 at Cebu City.
The Community-managed Savings and Credit Association or CoMSCA is a savings mechanism that allows a group of people, especially living in rural areas, to manage their own savings and credit system. It was first introduced by World Vision Development Foundation 10 years ago in South Cotabato and has grown into a financial institution nationwide with more than 200,000 savers.
Retired Chief Justice and World Vision Development Foundation Chairperson of the Board of Trustees, Reynato Puno, Sr., graced the event and inspired the participants during his speech. “CoMSCA gives power to the powerless. It allows them to participate among the many development projects for the betterment of their own future,” Puno shared.
The National CoMSCA Summit is the 5th of its kind, which is held annually. Its aim is to gather key CoMSCA savers who shared their success stories and innovations. Also present in the summit were World Vision leaders, representatives from partner organizations, church leaders and other guests. Business ideas, investments, and key partnerships were some of the learning the participants.
Within the decade, CoMSCA has successfully empowered poor families, developed community resilience especially during natural disasters, and increased financial literacy to many people.
Many organizations also adopted CoMSCA such as Zoological Society of London (ZSL), Condell Foundation, PhilDHRRA, Iloilo-CODE, World Renew, Adventist Development and Rural Agency (ADRA). This collaboration gave birth to the formation of the CoMSCA Network. This year the network also grew as it welcomed its new organization members — NORFIL, Leonard Chesire Disability Philippines Foundation Inc., Foundation for These-Abled Persons Inc., Saint Brother Jaime Hilario Institute, Christian Blind Mission, and Adaptive Technology for Rehabilitation, Integration, and Empowerment for the Visually Impaired (ATRIEV).
The goal of the network and this annual summit is to promote CoMSCA as the TOP CHOICE OF EVERY FILIPINO IN SAVING MONEY.