Philippines based Venture

Deals D000018
Description Marikina City is recognized as the shoe capital of the Philippines. As such, this is the main source of livelihood by the people mostly as laborers/workers. With the trade liberation, shoes from other countries like India, China and Bangladesh flooded the Philippines which are significantly cheaper but of inferior quality. This discouraged other local manufacturers thus some closed or downsized their operations. This led to the displacement of many workers. The applicant would like to spearhead the revival of the shoe industry by producing quality shoes at competitive prize. He is also re-organizing the Marikina Shoe Association to enable their group to compete with foreign shoe manufacturers. His business presently employs 42 persons (37 males and 15 females). If he will be successful in showing the Marikina Shoes can compete and therefore motivate other manufacturers to continue, this will sustain and create many employment opportunities in Marikina City and nearby towns.The loan was used to buy raw materials.
Country Of origin Philippines
Funding Sector Impact Investment
Colloboration Type