by Elmer S. Soriano MD
Grant funding for community development work has been significantly reduced in the Philippines, and the controversies around NGO scams have left both NGOs and government extremely paranoid about partnerships.
A forum on Social Impact Bonds (SIBs) was recently hosted by the Ateneo Economics Department to discuss SIBs as a potential mechanism for transferring funds to service providers including NGOs under a highly transparent and performance-based agreement. Funding would come initially from impact investors, rather than government.
ASA Philippines Foundation, a micro-finance organization recently introduced a 2B Php Bond, pushing the frontiers of development financing in the Philippines. Though this is not strictly a SIB, the ASA bond already contains both the capital-raising and social development functions of SIBs.
A white paper entitled Scaling Tuberculosis Treatment thru a Social Impact Bond (Eddy, 2012) will be discussed in future blog posts.
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