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BY JOHNNY NOVERA
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Tuesday, February 7, 2017
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IT MADE us feel good that our article last week relating to P3, Privatize Gov’t Lending Programs, had a reaction from one Ilongga reader of Panay News in the internet at faraway Colorado state in the US who made the following comment: “Read your February 1 article. Right, rural banks would be the ideal channel.”
Yes, we wish that government departments or agencies in this P3 programs can use an intermediary that can ably handle the lending aspect, preferably a banking institution, so failure can be strongly avoided.
We welcome the announcement by Iloilo Provincial Director Diosdado Cadena of the Department of Trade and Industry (DTI) that they already named seven conduits for the program’sinitial implementation, as follows:
1) CARD Mutually Reinforcing Institutions in Laguna province
2) Omaganhan Farmers Agrarian Reform Cooperative in Leyte
3) Libercon Multi-Purpose Cooperative (MPC) in Leyte
4) Zaragosa Agrarian Reform Cooperative in Bohol
5) Sapari Multi-Purpose Cooperative in Bohol
6) Lanang Multi-Purpose Cooperative in Samar, and
7) Taytay sa Kauswagan in Iloilo.
We will add the news that it was also launched in San Jose, Mindoro Occidental and in Alabel, Sarangani province.
Now it is reported that the Small Business Corporation (SB), an attached agency of DTI, will be the administrator of the program and make use of its lending network and the DTI Negosyo Centers in reaching out to P3 beneficiaries.
While SB is not a banking institution, we wish it has the expertise to handle such a program. There were no personalities mentioned in its management team. That is why we recommended that rural banks will also be allowed to participate in P3 as depository of the fund and likewise reach out to more qualified borrowers because of their presence nationwide.
If we must recall the past lending programs of our government that failed, they did not avail themselves of the advice and services of bankers whose business is lending money, a field where many of our government agencies has no experience.
It is important that we succeed as this P3 can become the economic miracle that we are waiting for. We wish to see adequate funds lent out especially in the markets and in our retail sector and finally do away with the present oppressive 5-6 and other usurious practices.
Moreover, this can also cause to expand business activity more to the countryside or outlying areas of the country instead of concentrating only in the big cities and urban centers as what is happening today. (For comments or re-actions, please e-mail to jnoveracompany@yahoo.com)/PN
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