[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”]
[av_heading heading=’5 co-ops get P4.2 million in loans from capitol’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading]
[av_textblock size=” font_color=” color=”][/av_textblock]
[av_textblock size=” font_color=” color=”]
ILOILO – Five cooperatives were granted P4.2 million in loans from capitol through the Provincial Livelihood Project Fund of the Provincial Cooperative Development Office (PCDO). They were:
* Kooperatiba Naton Multipurpose Cooperative (MPC) in Tigbauan – hog-raising, P1 million
* Pinili Development Cooperative in New Lucena – organic farming, P1 million
* Metro Dumangas MPC – microfinancing, P1 million
* Lambunao Government Employees MPC – credit/lending, P1 million
* Miag-ao Farmers and Vendors Consumers Cooperative – palay/rice trading, P200,000
This was the first batch of loans released to the cooperatives this year, PCDO head Arturo C. Cangrejo said. Cooperative representatives received their respective checks at the capitol on June 1.
The interest is only 6 percent per annum but it may still be lowered to 3 percent if the cooperative is a good payer, said Cangrejo.
The first amortization period is 15 months after the initial release.
“That means our cooperatives have one year and one quarter for the rolling of funds before they can pay the first amortization, and this is usually three years to pay,” Cangrejo said.
lloilo province has 147 registered cooperatives with around 40,000 members.
Cangrejo said they will again ask the Provincial Board for a P11.5-million supplemental budget for the loans of the next batch of cooperatives. “We hope to release this (next batch) before the end of the year,” he said. (PNA)
[/av_textblock]
[/av_one_full]
