Exploring the Lived Experiences on Program Failures of Microfinance Recipients: A Transcendental Phenomenological Approach (eBook, ePUB)
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This transcendental phenomenological study explores the lived experiences of fifteen microfinance recipients in the Philippines whose microenterprises have faced failure or loan default. This study shows that in the Philippines, despite the financial training and support programs, there are still loan defaults and high rate of microenterprise failures, highlighting the need to identify the root causes of these issues. The study identified two co-occurring critical issues: the practice of informal lending and the diversion of business funds for household expenses, which point to behavioral patt...
This transcendental phenomenological study explores the lived experiences of fifteen microfinance recipients in the Philippines whose microenterprises have faced failure or loan default. This study shows that in the Philippines, despite the financial training and support programs, there are still loan defaults and high rate of microenterprise failures, highlighting the need to identify the root causes of these issues. The study identified two co-occurring critical issues: the practice of informal lending and the diversion of business funds for household expenses, which point to behavioral patterns deeply rooted in local socio-cultural norms. The findings suggest that traditional financial education alone is insufficient; therefore, the dissertation recommends a shift towards behavioral reinforcement and motivational training, which may be facilitated by microfinance institutions, non-governmental organizations, and government entities. Furthermore, the study advocates for the establishment of monitoring systems and the adoption of culturally sensitive lending criteria to address the issues. With these recommendations, the study aims to alleviate hardships for a multitude of future entrepreneurs at risk of failure. This research contributes to the broader discourse on poverty alleviation strategies, offering valuable insights into the crucial balance between profitability, interest rates, and risks, and the social sustainability of microfinance institutions.
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