Thischapter deals with discussion and conclusions of the essentials themes andanalysis, which is drawn from the research questions. The borrowers experiencein ASA Philippines Institution availing the benefits microfinance services, theeffects of microfinance services in their lives and helping them indecision-making in terms of managing money. The main reason why ASA exists isthey want to help those people who really need an enough income to sustain theneeds of their family. Their objective is to lessen the poorest people or thepeople who causes poverty; they pursue the program against poverty.Theobjective of this phenomenological study is to emphasize and ventilate thefindings on the different kinds of benefits of availing microfinance servicesin ASA Philippines Institution. The benefits of microfinance services in ASAPhilippines Institutions have been a great help for the borrowers availing it.  Burial claim, home financing, loan,renovation and patubig project, educational assistance, and hospitalization feeare the benefits that would gladly change the lives of the borrowers. Becauseof this borrowers keep renewing their loans so they can avail other services.

Abenefits that fit and secure the future they want.AsMayoux (2001) states that microfinance services is known for having finances oninvesting business or assets includes the capital, technology used, and theassets to be used for business, they have this burial claims as to deaths andalso for natural disasters, they required also contributing to the communitysuch as mass wedding, festivals for religions ans funerals for deaths. Carneydefines as livelihood as comprising “… the capabilities, assets (including bothmaterial and social resources) and activities required for a means of living. Thatthe security of the livelihood was basic to well-being and security was refersto secure rights and reliable access to resources, food, income and basicservices. It includes tangible and intangible assets to offset the risk, easeshocks and meet contingencies Chambers (1997).  In this framework of this study, theborrowers of ASA Philippines Institution shares and states the effects ofmicrofinance services in their lives to how they change perceptions as toavailing the services.

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And lastly, they share also the seminars, trainings, andorientation that the institution gives pertaining to decision-making inhandling and managing money. So they can have some ideas on how to manage moneyand monitor their progress in business.What are thebenefits of microfinance services? Thefindings are classified into essential themes which generated ideas on thestudy. These ideas concretized the different benefits that the active borrowersavailed. These benefits were themed in to six namely; burial claims, homefinancing, loan, patubig project, educational assistance, and hospitalizationfee that were significant to the study.  The firsttheme revealed is the Burial claim. Thisbenefit can be claimed if the member of ASA dies due to natural death or notintentionally.

This benefit cannot be claim if the member commits suicide. Aswe conduct our interview most of the member can claim burial claim. Thisbenefit can help the beneficiaries of the members to overcome the expenses thatthey have made during the death of the member.The second theme revealed is Home financing.

This benefit can be availed by the members if theyhave sufficient saving funds to cover the financing that they have made if everthe member cannot pay anymore the remaining balance. This benefits that themember can avail will be usually use to renovate their houses even though theyare low income earner they also have a dream to beautify their homes and thisbenefit that they can avail will help them to get their dreams do come true. Alot of members keep renewing their loans to increase their saving so that theycan avail this benefit.The third theme revealed is Loan or Regular loan. This is the main services that thisinstitution has. This is the first services that the member of the ASA availedwithout this loan they will not benefited other services. This loan theyusually use it as the start-up capital of their businesses.

As one of the microfinanceinstitution they will avail this without collateral or other payments or feethat’s why before they will get the money they borrowed there will beorientation given the guidelines and policies were also discussed duringorientation.The fourth theme revealed is Patubig. This benefit “patubig” also known as water and sanitaryfinancing or (WASAFIN). This benefit also can help the members to have cleanwater. It is also for building a rest room to the house of a member.

The fifth theme revealed is Educational Assistance. If you are a member of this institutionyour chid can enjoy educational assistance from them. This means that yourchild can have full scholarship education in college. Education is one of theimportant treasures that our parent can leave us.

As a low income earner andcategorize as one of the poorest family it is a big privilege to them sendtheir children to school and graduate because of their hard work. One of ourrespondent said that her children have already graduate college and nowcurrently working and help them to their daily expenses. One of our respondentsaid that her children have already graduate college and now currently workingand help them to their daily expenses.

ASA Philippines already has 1,300scholars, there were scholars that graduated because of this program and werenow employed by ASA on their different branches (ASA, 2013).Thesixth theme revealed is HospitalizationFee. This is one of the benefits can acquire by the members of theinstitution. This benefit helps them to pay their hospital bill and they canget this right away if they are admitted to the hospital. The beneficiaries ofthe member and the member itself can acquire this benefit .ASA Philippines Institutionconducts medical mission to help clients and their families who are needed tohave medical assistance.

They also conducted health and dental check-up fortheir for promoting the proper hygiene that people’s need (ASA, 2013).What are theeffects of microfinance in the lives of the beneficiaries?  Respondentsanswer the effects of microfinance in their lives and we will know if there isany improvement on their status as a member of the microfinance institution.These effects were theme in to five categories which are build a smallbusiness, increase in income, sustained basic needs, improve financialmanagement, and hassle free transaction.The first effect that were themed is Build a small business. The main reasonwhy people joined this institution is to have their own small businesses. What hasbeen noted is that many of the small business started with microcredit becausethese persons have no business training and thus are unable to manage theenterprise which may actually situations of poverty or familial tensions.Through our interview I realized that it is not easy to build a small businessbecause there some factors that make your business failed.

If I am the oneputting a business and the capital of my business is not from my own pocket andit is from the loan it is hard for me to regain the money that I have borrowedit is fifty-fifty chance that your business will be succeed. That’s why most ofthe member not only invest in one kind of business they invest their money insome other business like one our respondent said the ”  I sell dried fish and I have also sari-saristore ” the other respondent also said ” I have lechon and chicken poultry andI also practice bookkeeping “. They need to increase the money they loan to paytheir weekly due so that they will pay it in full in due time. I realized thatthe work that they do is much harder than the other who have full time workbecause they need to double their time and resources that they have in order tosurvive that’s why I salute them.The second effect of microfinance is to Increase their income. That’s why a lotof members do a lot of business so that they will increase their daily incomethis also a drives them to work harder in their own field of business.

Most ofour responded say that they don’t know whether their income increase.  Consciously they don’t feel the increase oftheir income but subconsciously their income increasing because they can buywhat they want, they can put their children to school and give them allowance,they can eat three times a day with snacks and even they can save money anddeposit it to the institution. In our interview we don’t just ask them thequestions on by one right away we also let them to share their stories. Throughthe insights stories that they share we can have that answers in our questions howeverin our interview their answers in the questions are not compatible but as aresearcher of this study I believe that there is an improvement on their dailyliving. The third effect of microfinance is to Sustained basic needs. The basic needsthat the people need are food, water, shelter these are the common needs tosurvive in this vast land.

Members of this institution increase their income itis also increase their purchasing power before they joined they have lowpurchasing power because they low income but after they joined this institutiontheir purchasing power increase drastically. Members drive them to earn moremoney so that they can do what they want and they can buy what they want.Member also sustained the want of their children. It is a privilege to them togive their children happiness through simple things that they didn’t experiencein the past.The fourth effect of microfinance is to Improved financial management.Improving money management is one of the important effects of microfinance.This improvement will change the members of the said institution on how theymanage their money.

Through the help of the personnel the members of ASA is nowknowledgeable on how they can manage and improve their money. They can learnhow to budget their money through those seminars that the institution gives toshare some ideas that might help their financial management improve.  This effect will guide them, the members ofASA on how they can handle their money and their debts. The fifth theme is Hassle free transaction. Many people want to transact faster andimmediately. They want lesser requirements so that they can be done early forthe purpose of using the money thereafter. But ASA is no comparable to otherinstitutions. That’s why they choose ASA because unlike other institutions theyare faster their personnel are very reliable and very accommodating.

How microfinancehelp your decision making in terms of managing money?  This questionwill answer if there’s really a change of their management to their money.Using the essential themes it will expound more the answers of the members ifit really guide their or change their ways on managing money. The help ofdecision making in terms of managing money is categorize in to three, namely:Provided with the seminars, through trainings, and orientation given.    The firsttheme is Financially Stable.

As abeginner applying for microfinance services, seminar is the first step. Thereis a seminar for making them knows the benefits of microfinance services.Theseminars are very helpful for the members to attend and listen for the noticesas they start joining the institution. This is the start of changing theirmoney management before and after they avail such services. At the end of allorientations and seminars they attended they can say that they are financiallystable by using the techniques and plans they got from the institutions. Implication for PracticeThis phenomenological study deeply examines thedifferent effects that active borrowers faced. The informants vocally sharedtheir different thoughts regarding the effects of those benefits that theyavailed.

This study reveals that the borrowers are greatlyaffected by the benefits that they have especially on services. Themicrofinance services create a big impact to those low income people to lessenpoverty. ASA Philippines Institution is the most outstanding microfinanceinstitution according to Microfinance Council of the Philippines Institute(MCPI). According to MCPI ASA fits the qualification towards giving assistanceto those people who do not have enough income, because the real definition ofASA is Hope. Fighting against Poverty is the main purpose why Microfinanceimplements, for giving Hope to the individual, especially to the women who donot have work this is the first step to start a business that they want.

Implication for Future Research  The result of the study generates new ideathat would possibly be utilized and provided concrete for the future study.That can help the individual researchers to become aware on what our study allabout.Thisstudy would serve as guide to future investigation like the different benefitsthat affects the borrower’s lifestyle, does the coping strategy they appliescan help their decision making to improve their business as well. The studythey conducted gathered lots of factual information, opinions and ideas thatcan be prove that ASA has a lot of positive feedback or outcome on theirservices they have.

We must also look more closely into how microfinanceservices can reach the rural poor areas specifically here in Philippines, inlight of the findings of recent studies that the microfinance means beenacquire by people who are richest from the country, while the rural areas weredistributed small financing. (Micu, 2010). At this point, it must note that themicrofinance has largely been done using a development-economics perspective.In the area of Microfinance in the Philippines, we owe a lot to the earlierefforts of the Chua, et al. (2012), Jimenez (2011), Llanto (2004), Micu (2010),Quinones & Seibel (2000), among others, whose work have either resulted inpolicy reforms or have given us a better understanding of the role ofmicrofinance in poverty alleviation. It is the right time for scholars from thefields of business, marketing, management and organization to contribute theirshare in enriching the microfinance literature. Policy is also one of the keyto understand Microfinance more, be more responsible on every action made.

 Concluding RemarksWe, the researchers, agreed with the opinions andexperiences by the borrowers shared. Considering lot of people enjoyed theservices they offered.We restate our position that microfinance is afertile ground for research not only for economists, but also for business andmanagement scholars.  They are unable tofind the appropriate system design for the poor on how to distribute monetaryservices and failed to point out the importance of microfinance scale by thescholarly controversies (Bhatt & Tang 2001). It says thathaving poor communication to rural areas can give a severe situations to thepoorest people on that area can create a severe effects to the people.  As we prepared for the interview with ourparticipants/respondents, we can feel the nervous we had that time.

Nervouschallenge us that time, we are afraid that somebody reject us, if they angrybecause of the questions we have, in short we felt a mixed emotion that time.We can consider that time as a challenge, exchanging some advices, sharingtechniques to them can lessen the worries we felt.The focused group interview goes smooth for us,because we can gather them easily.

Everyone expressed their own thoughts aboutthe said questions. Almost the borrowers shared their happenings, such as happy,sad; pass, failed; gain, loss experiences. And we, their listeners caught someideas to be more responsible and independent in the future they give advices tous, we are happy that the interview was successful.One of our goals that time is to make them aware onthe institution or about microfinance, why it is important nowadays, why weneed to involve all the issue todays. We had a great experience by inter actingsome personnel and some members of ASA. Listen the experiences they had makesus realize how life or every day is important to them with their families.

Theyagreed that they do not have enough income because most of them didn’t finishedstudy; they give some reasons such as lack of decision making, poor ofcommunication in the family, and the most reason is poverty. As we felt theirstories they really value Education, they give nothing but the best to sustainthe needs of their children.At the end of the day, we, the researchers have thisrealization that learning has its own side. The ups and down were part ofgreater good that awaits us in the near future. That can help us moreresponsible and diligence in all or every decisions we make.