Payment of loans to sustain cooperatives underscored
Iloilo Provincial Agrarian Reform Officer II, Eberardo Erispe underscored the importance of prompt payment of loans to sustain cooperatives and in availment of future loans.
During the recent launching of a farmers’ cooperative bank in Passi City, Erispe emphasized the importance of paying the loans promptly so that members can sustain their cooperative and continuously avail loans for their various needs.
The farmers’ cooperative bank which is the first of its kind in the region is directly undertaken by the Mapili Agrarian Reform Beneficiaries (ARBs) Multi-Purpose Cooperative (MARBEMCO) located in the municipality of San Enrique, Iloilo whose members are the farmer–recipients of the government’s Comprehensive Agrarian Reform Program (CARP) with the Department of Agrarian Reform (DAR) as the lead program implementor.
DAR-Iloilo Information Officer Yvonne Senobin said residents of the municipalities of Duenas, Passi City and San Enrique can avail of the services of the cooperative bank but priorities are given to the ARBs.
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.
Mr. Leo Gabat, Area Manager of NATCCO said 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.
On the other hand, Ms.Delia Gabales of the DAR Central Office said 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. She added that it also aims to develop the capacity of cooperatives as conduits of loaning.
For his part, DAR 6’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”, said Libo-on. (DAR/PIA)