Farmers’ Coop Bank launched in Passi
A farmers’ cooperative bank was recently launched in Passi City, the first of its kind in the region. It is directly undertaken by the Mapili Agrarian Reform Beneficiaries Multi – Purpose Cooperative (MARBEMCO) located in San Enrique, Iloilo whose members are farmer-recipients of the Comprehensive Agrarian Reform Program (CARP) of the government with the Department of Agrarian Reform (DAR) as the lead program implementor.
DAR has entered into a partnership with the National Confederation of Cooperatives (NATCCO) and other institutions for grassroots microfinance undertaking particularly for the benefit of various Agrarian Reform Communities (ARCs) nationwide, which to date has already 4 million Agrarian Reform Beneficiaries as recipients.
The essence of microfinance cooperative is in consonance with the idea that farmers can now avail of loans and can afford to pay since the interest rates are very low. It aims to develop the capacity of cooperatives as conduits of loaning, according to Ms. Delia Gabales of DAR Central Office.
Initially the partnership with NATCCO for the Microfinance Cooperative (MICOOP) project has a term of 3 years and can still be extended until the ARBs are capable of sustaining it. The strategy employed for said project is actually a combination of the best practices of cooperatives nationwide, said Mr. Leo Gabat, Area Manager of NATCCO.
DAR’s Assistant Regional Director for Administration, Manuel Libo-on reminded the members of the cooperative that they have the most crucial role to play in the success and failure of their cooperative. The success or failure of their cooperative, will definitely depend on the members themselves.
On the other hand, Iloilo Provincial Agrarian Reform Officer II, Eberardo Erispe, underscored the importance of paying the loans promptly so that they can sustain their cooperative and continuously they can avail loans for their various needs.