Professional Documents
Culture Documents
Community Managed Savings and Credit Association (COMSCA) to fit the local context and
existing community practices. Community Managed Savings and Credit Association (COMSCA)
is a system of creating a local pool of capital to provide members access to useful lump sums to
meet predictable expenses, to reduce shocks to vulnerable livelihoods, facilitate households
cash-flows management, and make short-term investments in income-generating activities.
Rationale
Mostly the current situation in this community Families/households Have no Savings. Households
with no savings don’t have cash to spare when emergency happens. The biggest tendency is that
household will resort to access loans from loan sharks that could worsen their financial situation
in the long run.
Normally, Filipino children spend most of their leisure time playing outdoor games. At an early
age, kids can absorb many lessons that are available in their surroundings. It is important that
they learn good behavior and values that can be useful when they grow up.
In a community in the province of Bohol Municipality of Sagbayan, kids as young as 6 years old
are learning and practicing thriftiness. They set aside a part of their school allowance each day
and save it.
It was just recently initiated that COMSCA should also be introduced to children in the
communities. Children can already learn the virtue of saving and basic financial management
which can be a valuable help to improve their lives when they grow as adults in the near future.
COMSCA Savings has helped communities and families realize their dreams. They weren’t just
helped in their economic capacity but also on their attitude towards spending
Objectives
Savings, members save in in COMSCA by buying shares. Each member has the
opportunity to purchase between one (1) to five (5) shares. The agreed amount per
share allow a member to purchase shares every meeting.
Social Fund, Each group may also have a social fund, which provides members a basic
form of insurance. The social fund servers as a group safety net and may serve a
number of purposes- such as emergency assistance and funeral expenses-for the group
members and non-members (family members).
Credit, members in COMSCA by buying shares. Each member has the opportunity to
purchase between one (1) to five (5) shares. The agreed amount per share should allow
a member to purchase shares every meeting.
Impact
The end result of the project is to improve the livelihood condition of families by providing
a venue where parents can save and borrow money during emergency need.
Founding Source