Vincent Perlas - Lifebank

While in the Philippines, Global X had a chance to interview Vincent Perlas, President, CEO and Chairman of the Board of Lifebank Rural Bank, a microfinance institution that helps marginalized women in rural areas get out of poverty. See the Unitus case study to better understand the challenges he is facing and the solutions he is bringing.

Vincent Perlas, a medical doctor by training, was quite dissatisfied with medical practice and entered the field of microfinance to "use the power of finance to move lives of people, to be of service to them. And I knew that traditional banking would not have helped those who really needed help."

The visits in the field keeps him moving, especially the stories of lives that have been changed. He remembers a woman with physical disability (she can't easily express herself) who received a first loan of 4,000 pesos/US$80 to open a convenience store. She has done so well that she has extended her operations in the pig meat industry, transportation business and ready to wear garments. She now owns a huge house with all the appliances, send her children to school. She even asked her husband to quit his job to work for her!

Vincent Perlas has three ingredients to success:

1. Spirit
As a social entrepreneur, you have to be persistent, even (or especially) when things don't work well: "When you are in hell, you go on. We had the will to move forward."

2. Methodology
Vincent Perlas learned from another institution based in Bangladesh, but adapted the business model to the local context. Lifebank grew quickly "thanks to the right methodology, the proper approach, and simplified, cost-effective standardized model."

3. Gas to grow
Unitus opened many doors for Lifebank by helping them get international rating, which in turn helped them get funding very quickly.

Vincent Perlas has a piece of advice for fellow social entrepreneurs: "Face the challenges! There is light at the end of the tunnel."