This
chapter deals with discussion and conclusions of the essentials themes and
analysis, which is drawn from the research questions. The borrowers experience
in ASA Philippines Institution availing the benefits microfinance services, the
effects of microfinance services in their lives and helping them in
decision-making in terms of managing money. The main reason why ASA exists is
they want to help those people who really need an enough income to sustain the
needs of their family. Their objective is to lessen the poorest people or the
people who causes poverty; they pursue the program against poverty.

The
objective of this phenomenological study is to emphasize and ventilate the
findings on the different kinds of benefits of availing microfinance services
in ASA Philippines Institution. The benefits of microfinance services in ASA
Philippines Institutions have been a great help for the borrowers availing it.  Burial claim, home financing, loan,
renovation and patubig project, educational assistance, and hospitalization fee
are the benefits that would gladly change the lives of the borrowers. Because
of this borrowers keep renewing their loans so they can avail other services. A
benefits that fit and secure the future they want.

As
Mayoux (2001) states that microfinance services is known for having finances on
investing business or assets includes the capital, technology used, and the
assets to be used for business, they have this burial claims as to deaths and
also for natural disasters, they required also contributing to the community
such as mass wedding, festivals for religions ans funerals for deaths. Carney
defines as livelihood as comprising “… the capabilities, assets (including both
material and social resources) and activities required for a means of living. That
the security of the livelihood was basic to well-being and security was refers
to secure rights and reliable access to resources, food, income and basic
services. It includes tangible and intangible assets to offset the risk, ease
shocks and meet contingencies Chambers (1997).

  In this framework of this study, the
borrowers of ASA Philippines Institution shares and states the effects of
microfinance services in their lives to how they change perceptions as to
availing the services. And lastly, they share also the seminars, trainings, and
orientation that the institution gives pertaining to decision-making in
handling and managing money. So they can have some ideas on how to manage money
and monitor their progress in business.

What are the
benefits of microfinance services? The
findings are classified into essential themes which generated ideas on the
study. These ideas concretized the different benefits that the active borrowers
availed. These benefits were themed in to six namely; burial claims, home
financing, loan, patubig project, educational assistance, and hospitalization
fee that were significant to the study.

 The first
theme revealed is the Burial claim. This
benefit can be claimed if the member of ASA dies due to natural death or not
intentionally. This benefit cannot be claim if the member commits suicide. As
we conduct our interview most of the member can claim burial claim. This
benefit can help the beneficiaries of the members to overcome the expenses that
they have made during the death of the member.

The second theme revealed is Home financing. This benefit can be availed by the members if they
have sufficient saving funds to cover the financing that they have made if ever
the member cannot pay anymore the remaining balance. This benefits that the
member can avail will be usually use to renovate their houses even though they
are low income earner they also have a dream to beautify their homes and this
benefit that they can avail will help them to get their dreams do come true. A
lot of members keep renewing their loans to increase their saving so that they
can avail this benefit.

The third theme revealed is Loan or Regular loan. This is the main services that this
institution has. This is the first services that the member of the ASA availed
without this loan they will not benefited other services. This loan they
usually use it as the start-up capital of their businesses. As one of the microfinance
institution they will avail this without collateral or other payments or fee
that’s why before they will get the money they borrowed there will be
orientation given the guidelines and policies were also discussed during
orientation.

The fourth theme revealed is Patubig. This benefit “patubig” also known as water and sanitary
financing or (WASAFIN). This benefit also can help the members to have clean
water. 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 institution
your chid can enjoy educational assistance from them. This means that your
child can have full scholarship education in college. Education is one of the
important treasures that our parent can leave us. As a low income earner and
categorize as one of the poorest family it is a big privilege to them send
their children to school and graduate because of their hard work. One of our
respondent said that her children have already graduate college and now
currently working and help them to their daily expenses. One of our respondent
said that her children have already graduate college and now currently working
and help them to their daily expenses. ASA Philippines already has 1,300
scholars, there were scholars that graduated because of this program and were
now employed by ASA on their different branches (ASA, 2013).

The
sixth theme revealed is Hospitalization
Fee. This is one of the benefits can acquire by the members of the
institution. This benefit helps them to pay their hospital bill and they can
get this right away if they are admitted to the hospital. The beneficiaries of
the member and the member itself can acquire this benefit .ASA Philippines Institution
conducts medical mission to help clients and their families who are needed to
have medical assistance. They also conducted health and dental check-up for
their for promoting the proper hygiene that people’s need (ASA, 2013).

What are the
effects of microfinance in the lives of the beneficiaries?  Respondents
answer the effects of microfinance in their lives and we will know if there is
any improvement on their status as a member of the microfinance institution.
These effects were theme in to five categories which are build a small
business, increase in income, sustained basic needs, improve financial
management, and hassle free transaction.

The first effect that were themed is Build a small business. The main reason
why people joined this institution is to have their own small businesses. What has
been noted is that many of the small business started with microcredit because
these persons have no business training and thus are unable to manage the
enterprise which may actually situations of poverty or familial tensions.
Through our interview I realized that it is not easy to build a small business
because there some factors that make your business failed. If I am the one
putting a business and the capital of my business is not from my own pocket and
it is from the loan it is hard for me to regain the money that I have borrowed
it is fifty-fifty chance that your business will be succeed. That’s why most of
the member not only invest in one kind of business they invest their money in
some other business like one our respondent said the ”  I sell dried fish and I have also sari-sari
store ” the other respondent also said ” I have lechon and chicken poultry and
I also practice bookkeeping “. They need to increase the money they loan to pay
their weekly due so that they will pay it in full in due time. I realized that
the work that they do is much harder than the other who have full time work
because they need to double their time and resources that they have in order to
survive that’s why I salute them.

The second effect of microfinance is to Increase their income. That’s why a lot
of members do a lot of business so that they will increase their daily income
this also a drives them to work harder in their own field of business. Most of
our responded say that they don’t know whether their income increase.  Consciously they don’t feel the increase of
their income but subconsciously their income increasing because they can buy
what 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 and
deposit it to the institution. In our interview we don’t just ask them the
questions on by one right away we also let them to share their stories. Through
the insights stories that they share we can have that answers in our questions however
in our interview their answers in the questions are not compatible but as a
researcher of this study I believe that there is an improvement on their daily
living.

The third effect of microfinance is to Sustained basic needs. The basic needs
that the people need are food, water, shelter these are the common needs to
survive in this vast land. Members of this institution increase their income it
is also increase their purchasing power before they joined they have low
purchasing power because they low income but after they joined this institution
their purchasing power increase drastically. Members drive them to earn more
money 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 to
give their children happiness through simple things that they didn’t experience
in 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 they
manage their money. Through the help of the personnel the members of ASA is now
knowledgeable on how they can manage and improve their money. They can learn
how to budget their money through those seminars that the institution gives to
share some ideas that might help their financial management improve.  This effect will guide them, the members of
ASA on how they can handle their money and their debts.

The fifth theme is Hassle free transaction. Many people want to transact faster and
immediately. They want lesser requirements so that they can be done early for
the purpose of using the money thereafter. But ASA is no comparable to other
institutions. That’s why they choose ASA because unlike other institutions they
are faster their personnel are very reliable and very accommodating.

How microfinance
help your decision making in terms of managing money?  This question
will 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 if
it really guide their or change their ways on managing money. The help of
decision making in terms of managing money is categorize in to three, namely:
Provided with the seminars, through trainings, and orientation given.

    The first
theme is Financially Stable. As a
beginner applying for microfinance services, seminar is the first step. There
is a seminar for making them knows the benefits of microfinance services.The
seminars are very helpful for the members to attend and listen for the notices
as they start joining the institution. This is the start of changing their
money management before and after they avail such services. At the end of all
orientations and seminars they attended they can say that they are financially
stable by using the techniques and plans they got from the institutions.

Implication for Practice

This phenomenological study deeply examines the
different effects that active borrowers faced. The informants vocally shared
their different thoughts regarding the effects of those benefits that they
availed.

This study reveals that the borrowers are greatly
affected by the benefits that they have especially on services. The
microfinance services create a big impact to those low income people to lessen
poverty. ASA Philippines Institution is the most outstanding microfinance
institution according to Microfinance Council of the Philippines Institute
(MCPI). According to MCPI ASA fits the qualification towards giving assistance
to those people who do not have enough income, because the real definition of
ASA is Hope. Fighting against Poverty is the main purpose why Microfinance
implements, for giving Hope to the individual, especially to the women who do
not 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 idea
that would possibly be utilized and provided concrete for the future study.
That can help the individual researchers to become aware on what our study all
about.

This
study would serve as guide to future investigation like the different benefits
that affects the borrower’s lifestyle, does the coping strategy they applies
can help their decision making to improve their business as well. The study
they conducted gathered lots of factual information, opinions and ideas that
can be prove that ASA has a lot of positive feedback or outcome on their
services they have.

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

 

Concluding Remarks

We, the researchers, agreed with the opinions and
experiences by the borrowers shared. Considering lot of people enjoyed the
services they offered.

We restate our position that microfinance is a
fertile ground for research not only for economists, but also for business and
management scholars.  They are unable to
find the appropriate system design for the poor on how to distribute monetary
services and failed to point out the importance of microfinance scale by the
scholarly controversies (Bhatt & Tang 2001). It says that
having poor communication to rural areas can give a severe situations to the
poorest people on that area can create a severe effects to the people. 

As we prepared for the interview with our
participants/respondents, we can feel the nervous we had that time. Nervous
challenge us that time, we are afraid that somebody reject us, if they angry
because 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, sharing
techniques 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 about
the said questions. Almost the borrowers shared their happenings, such as happy,
sad; pass, failed; gain, loss experiences. And we, their listeners caught some
ideas to be more responsible and independent in the future they give advices to
us, we are happy that the interview was successful.

One of our goals that time is to make them aware on
the institution or about microfinance, why it is important nowadays, why we
need to involve all the issue todays. We had a great experience by inter acting
some personnel and some members of ASA. Listen the experiences they had makes
us realize how life or every day is important to them with their families. They
agreed that they do not have enough income because most of them didn’t finished
study; they give some reasons such as lack of decision making, poor of
communication in the family, and the most reason is poverty. As we felt their
stories they really value Education, they give nothing but the best to sustain
the needs of their children.

At the end of the day, we, the researchers have this
realization that learning has its own side. The ups and down were part of
greater good that awaits us in the near future. That can help us more
responsible and diligence in all or every decisions we make.