Citigroup Inc. : Citi Philippines and Habitat for Humanity Launch Home Improvement Microsavings Program

Citi and Habitat for Humanity recently launched the Citi-Habitat Home Improvement Microsavings Program in the Philippines, a regional initiative which aims to help 3,000 low-income homeowners save a total of US$2 million to strengthen their homes against natural disasters.

The program is part of Citi Foundation's US$1 million commitment to partner with Habitat for Humanity for an innovative three-year multi-country microsavings and financial education initiative targeted to disaster-prone communities in countries such as the Philippines and Thailand.

Shirish Apte, Citi Co-Chairman of Asia Pacific Banking, who is also a Citi Foundation board member, led Citi officials and community partners during the launch ceremonies at the Senior Citizens Center of Brgy. Santa Ana, Pateros in Manila. He was joined by Habitat for HumanityPhilippines CEO Charlie Ayco.

"This is a very important step towards increasing the resilience of people who live in disaster-prone areas. It reflects Citi's commitment to financial inclusion and to communities who are at risk of typhoons and floods. In partnership with Habitat for Humanity Philippines and community partners and leaders, we hope to extend the program to other disaster prone areas across the country," said Mr. Apte.

Individuals can join the Citi-Habitat Home Improvement Microsavings program by attending training sessions with Habitat for Humanity and opening a savings account for as small as P200 (US$4.50) with community-based financial institutions.

Participants who sign up for the program receive incentives for every P1,000 (US$23) saved for the purpose of strengthening their homes. This can include repairing or replacing their roof, cementing or tiling their floors or building a second story. Habitat for Humanity will also provide technical assistance to these savers in improving their homes.

While in Manila, Mr. Apte also visited the target beneficiary communities in Pateros and spent time in the home of Edwina Payapag, one of the first participants in the program. Ms Payapag attended the financial education training last June and immediately signed up for the program by opening a P200 savings account with First Macro Bank, Habitat for Humanity's bank partner in Pateros. A community leader, she was able to encourage her neighbors to join the program.

Charlie Ayco, Chief Executive of Habitat for Humanity Philippines, said, "The poorest families with the least to begin with are those most devastated by disasters. Packaging financial education, technical assistance and a savings product together will help families reduce their vulnerability to disasters. With this support from Citi and First Macro Bank, lasting changes will be made to lives in Pateros and elsewhere."

"I signed up because I learned so much about budgeting and saving during the training," said Ms. Payapag. "I never thought of saving even five pesos for my dream of having a decent shelter. I've been busy providing for my children's education. But when I heard the explanations of the trainers from Habitat for Humanity, my mind was opened to the possibility of achieving my goal of having a better home."

When speaking with Mr. Apte, Ms. Payapag shared her plans to replace her roof which now leaks in different parts whenever it rains. During typhoons, Ms. Payapag related that buckets are placed all around their home to collect rainwater, and they also fear floodwater entering their home.

"We hope that through this program, we can help more Edwinas who are willing to take the necessary steps to save and prepare themselves for natural disasters," said Mr. Apte.

Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Citi Foundation
The Citi Foundation is committed to the economic empowerment and financial inclusion of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, Youth Education and Livelihoods, and Financial Capability and Asset Building. The Citi Foundation works with its partners in Microfinance and Enterprise Development to support environmental programs and innovations.

Habitat for Humanity International
Habitat for Humanity International is a global nonprofit Christian housing organization that seeks to put God's love into action by bringing people together to build homes, communities and hope. Since 1976, Habitat has served more than 500,000 families by building and improving homes; by advocating for fair and just housing policies; and by providing training and access to resources to help families improve their shelter conditions. An estimated 176,000 of these families are in the Asia-Pacific region, where Habitat has been active since 1983.www.habitat.org/asiapacific or follow us at www.facebook.com/habitat.