This newsletter was sent 21 February2008 to all LPAD members. The online version has the finacal figures removed. To find out more please conact LPAD directly.

LPAD Newsletter, February 2008

LPAD Newsletter

February 2008

LPAD is non-profit and non-stock solidarity association founded by 10 Filipinos and Europeans in Luxembourg last January 2006.

In a nutshell, LPAD will be stimulating interest among Filipinos and Europeans to invest in the development of the Philippines mainly in micro finance, cooperatives and Micro Enterprises. The focus will be 'investments' not donations.


    To promote entrepreneurship in the Philippines and within the Filipino community in Luxembourg. In so doing, job creation will be fostered.

    To uplift poor families particularly those who are experiencing difficulty in finding a Job and/or in creating his/her own job, by encouraging socio-economic projects. These actions shall start by supporting micro finance institutions and/or small enterprises/handicraft industries lacking capital.

    To give technical training on preparation, management and evaluation of projects to Filipinos in Europe, Europeans and other migrants who are concerned in promoting development, in general, and entrepreneurship, in particular, in their respective countries.

LŽtzebuergesch-Philippinesch Aktioun fir den Development a.s.b.l.

102, rue du Cimetiere

L 7313 Heisdorf




  1. Report from the President Jean-Paul Schmitz

  2. Main Events 2007 Xenia Winckel-Catacutan

      General Assembly

      Charity Dinner

      Christmas Charity Dinner

  3. LPAD Is Now Investing ! Dennis Yaun

  4. Treasurer's Report Dolly Navales

1. Report from the President

2007 was a very good year for LPAD.

The year 2007 was a year of changes for LPAD!

As well as the president, the vice-president, the treasurer and the assistant treasurer were replaced.

A lot of work was done by the new motivated team.

The success of the first charity dinner encouraged us to go on and we organized a second one for Christmas. More than 140 people joined our second charity dinner and the limit of the place at Steinsel was reached .

During 2007 more than 50 new members joined LPAD.

The money we got from the membership cards and the charity dinners allowed us to invest in Micro financing and in the DVF Dairy Farm

I specially want to thank all the members for the good job we have done during that time.

Everybody did his best and the success was our reward.

For the year 2008 we plan to go on with new events, so that we can go on investing.

Jean-Paul Schmitz

President LPAD

2. Main Events 2007


    May 12, 2007 was the first General Assembly of LPAD at the Odťon Restaurant, Muenchen-Tesch, Luxembourg.

    A Team from the Philippine Embassy was present to share the different opportunities of how, what and where to invest with in the scope of Micro-finance.

    There was a short dialog between the Embassy Delegates and the Audience regarding investment in the Philippines. It was followed by a dinner and of course to entertain the crowd, there where songs and Philippine folk dances performed from LPAD fellow members and friends.


    Since the LPAD is a newly created Micro-finance organization, we also want to mention our first Charity Dinner last October 12, 2007 at Poheem, Steinsel.

    The Charity Dinner was the start to raise funds for our targeted project to invest in cows for Dairy Products in the Philippines.

    There was a short slide show about the Philippines and an open question and answer regarding our project and as a micro finance organization as a whole, which was presented by our very own Secretary Mr. Dennis Yaun.

    The dinner was quite a success and not to forget our ladies who performed the different folk dances to entertain the guests.

    The evening ended with dance for all.


    LPAD had their first Christmas dinner with a karaoke contest open to all amateur singers who wanted their Golden Voice to be discovered.

    The Christmas party was held last December 22 2007 at Poheem, Steinsel. It was such a success that the guest reaches to 140 people.

    The highlight of the Christmas dinner was the karaoke contest with 12 contestants and the 1st prize was won by miss Yagma. It was celebrated with lots of food and drink. To keep the Christmas Spirit and for everybody to enjoy we had disco for everybody until midnight.

    LPAD was also able to organize children's afternoon workshop. Since there were different ages of children the organizer of the children's afternoon had to form two groups. One group were children aged four to six and the second group of children was aged seven to twelve. The three hours workshop was composed of different activities. The small children did coloring and made Christmas trees out of paper and cotton balls. Special thanks to Helen Cardew and Dolly Navales for their patience to assist the small children.

    The bigger children made jumping Santa out of Sponge, cartoon, glittering materials and Santa was place in an empty jar with cover.

    The second half of the workshop all the children were placed in one group to bake Christmas cookies for them to take home. Thanks to Xenia Winckel who organized the Children's Afternoon.

    The last but not the least I would like to say thank you to all of you who make the events a success.

    Xenia Winckel-Catacutan


3. LPAD Is Now Investing !

The first mission of LPAD's states that it supports the micro finance industry in the Philippines through mobilization of investments from Filipino migrants and Europeans in Luxembourg. That is why whenever there are activities of LPAD, we do not fail to inform the attendees of the investment possibilities in the Philippines. This is so because we believe that investments create jobs which the Philippines direly needs.

Since the 1990s, billions of dollars are remitted to the Philippines annually by Overseas Filipinos (OFs). There are now an estimated 8 million Filipinos living and/or working abroad. For instance, in 2005, the amount remitted through the formal channels reached USD 10.7 billion, in 2006 USD 12.8 billion and USD 14.7 billion in 2007. By formal channels, it means through banks and other remittance agencies. What is not included in the figures above are the monies sent through envelopes that we use to send when someone goes home and other channels also. Remittances sent through formal channels, the figures cited above, constitute 70% of the total actual remittances according to World Bank estimates.

For benchmarking purposes, if say we mobilize just 10% of the official figures above for investments in the micro finance industry and other development-oriented and socially-responsible businesses in the Philippines, this would spell to USD 1.070 billion, USD 1.28 billion and USD 1.47 billion for 2005, 2006 and 2007 respectively. In the micro finance industry, practitioners and experts say that for every USD 100 a job a created. Then this would mean jobs created at a rate of 10.7 million in 2005, 12.8 million in 2006 and 14.7 million in 2007. If only these figures were realized, then the Philippines won't have unemployment problems anymore! Even if these were not (yet) realized, this gives us an idea of the enormous potential there is in remittances. However, there is also an enormous challenge and work to be done to realize this. OFs need to be informed on the different investment possibilities in the Philippines particularly in the micro finance industry and other development-oriented and socially-responsible businesses. On the other hand, in the Philippines, the persons/entrepreneurs in the micro finance industry and other development-oriented and socially-responsible businesses should develop and offer investment possibilities suited to the needs and interests of overseas Filipinos. The other big challenge is the matching/putting into contact/network the OFs or OFs' organizations and these offers from Micro finance Institutions and other businesses.

LPAD with its partner ERCOF (Economic Resource Center for Overseas Filipinos) in the Philippines is doing its best to provide this match in Luxembourg. The idea is that when there are interested parties, LPAD will orient them to get in touch with ERCOF for the modalities. LPAD, as an ASBL cannot handle investments. So far, LPAD informs its public of 3 investment possibilities. In the micro finance industry, we have the Xavier-Punla Rural Bank in Bukidnon in Mindanao (XPRB) and Center for Agricultural and Rural Development (CARD) Bank which has 320 branches nationwide. Both offered a time-deposit at 10% per annum interest compounded annually and lock-in for 5 years to get the tax-free incentive. In the development-oriented and socially-responsible business, we have the DVF Dairy Farm in Nueva Ecija offering an investment scheme in partnership with a farmer-member of the DVF cooperative.

The LPAD committee at its 7 January 2008 meeting and after assessing its assets decided to be the example and be true to its mission by investing in these industries that it is promoting. As a start, ???? will be invested in the DVF Dairy Farm where this sum will be used to purchase 2 maiden or pregnant cows which will be taken cared of by qualified farmer-member of DVF Farm. Proceeds of the milk and sharing of calves that will be born, will be done fairly and equitably among the farmer, the DVF cooperative, ERCOF and LPAD. Another ???? will be invested, at its present value in pesos, in CARD bank at 10% per annum interest compounded annually and locked-in for 5 years to avail of the tax-free incentive. The profits of these investments will be reinvested in the Philippines which the LPAD committee decide later on. For information, 3 members of the LPAD committee have already reserved 8 maiden or pregnant cows, as individual investments. One member has invested in XPRB in 2004 along with 4 other Filipinas who are interested in this. For more information on ERCOF, you can visit its website at

We hope that this example shown by LPAD and its members will inspire others to follow and that it will bear fruits. We would like to invite you to visit our website at

Dennis Yaun

4. Treasurer's Report



The Financial Status of LPAD is showing an income for the year ending December 31, 2007 of EUR ????

This is due mainly to the increased of members in the year 2007, LPAD have additional 50 members and 6 Members (family). Moreover the Board have organized two additional parties held last 20 October 2007, the LPAD Charity Dinner which have added an income of EUR ???? and Karaoke Dinner cum children's party in the afternoon which we have gained EUR ????. With the success of the two parties held last year LPAD is now able to do its mission which is to support the micro finance industry in the Philippines through mobilization of investments from Filipino migrants and Europeans in Luxembourg.

We are now heading into this project and we are ready to invest in DVF cows and in a micro financing.

Our cash balance ending December 31, 2007 is showing us the amount of EUR ????. We have a substantial amount to start investing in 2008 which the

Board have decided to invest EUR ???? for the cows and another EUR ???? in CARD Bank with a 10% per annum interest compounded annually and lock-in for five (5) years to get the tax-free incentive.

Finally to summarized our financial status:

Our cash balance in the beginning of Jan 2007

EUR ????

Refund from Registre de Commerce 2006

EUR ????

Income from membership 2007

EUR ????

Income from parties organized

EUR ????

Gross Income

EUR ????

Less: Expenses

EUR ????

Net Income for the year ended Dec 31, 2007

EUR ????

I just would like to reiterate that due to Board Members' work and effort in 2007 we were able to achieve all of this.

Dolly Navales