REAP Project Executive Summary

Project Name: REAP Study Now Pay Later Program

Project Description: The project aims to assist poor but deserving students to complete their courses and graduate from college by providing them loans to finance their educational needs. The loan will be repaid by the beneficiaries on a monthly basis stretched over 1 to 2 years at minimal interest. Loan repayment starts 3 months after the beneficiary lands a job The project is cost-free and risk-free to the Rotary Club of Manila and its members. All costs and risks are being assumed by Dana Asia Foundation though Grameen Pilipinas Microfinance.

Funder: Dana Asia Foundation Inc. They have committed USD 10 million to fund this project. An initial amount of USD 25,000 has already been remitted and is ready to be disbursed.

Fund Manager: Grameen Pilipinas Microfinance Inc. They will receive and manage the funds from Dana Asia Foundation Inc. They will also release the funds to the beneficiaries and receive the loan repayments.

Project Administrator: The REAP committee of the Rotary Club of Manila. They will coordinate the whole program and assure that there is adherence to the spirit of the project among the partners. The committee will assist in the interviews and approve the beneficiaries.

Project Operation: The committee is partnering with a professional entity to undertake the processing, selection, and collection efforts of the project. Related costs is for the account of the funder.

Beneficiaries: Graduating students from public and private schools. Criteria to be decided by the committee. Selection through personal interviews and credit assessment.

Number of Beneficiaries: 15 to 20 for the first year. With yearly increases, up to around 50 at any one time. Potentially, 50 each succeeding year after the first loans are fully paid. It is envisioned that a total of 5,000 beneficiaries will be helped by the project.

Project Duration: The project will be continuous. Loans to further beneficiaries will be funded from proceeds of loan repayments.

Project Timetable: The application process is ongoing. Target schedule for awarding to beneficiaries will be at the start of the second semester of school year 2022-2023 in February, 2023.