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PIA Press Release

Ifugao coop is Gawad Pitak awardee

by Vency D. Bulayungan

Lamut, Ifugao (13 February) -- The Lamut Grassroots and Savings Development Cooperative (LAGSADECO) is an awardee of the Gawad sa Pinakatanging Kooperatiba (Gawad PITAK) by the Land Bank of the Philippines(LBP).

LBP-Ifugao Manager Normandy Salagubang said that the LAGSADECO was evaluated by a panel composed of representatives from the Department of Agriculture, Cooperative Development Authority (CDA) and the Office of the President.

The Gawad Pitak is a contest among bank- assisted cooperatives to encourage them to make good in strengthening their coop.

Salagubang said that the LBP considers cooperatives as its partners in bringing credit to individual households, business and micro enterprises that will help augment income, generate more economic activities and transforms people's lives.

"With its mandate to catalyze progress, Landbank offers credit facilities especially designed for cooperatives," Salagubang said. Under the regular lending windows, the eligible cooperatives are composed of majority of small farmers, small fisherfolks, small hog/poultry/livestock raisers and non farmers/credit coops composed of market vendors, employees, teachers, rural workers, women and others.

Salagubang said that the LBP decreased the interest rate for cooperatives 12% to 9-10%. He said that cooperatives in the province availed of the different loans like Agricultural Production Loan, Working Capital Loan,Rediscounting, Line and Fixed Asset Acquisition Loan. "The loanable amount depends on the project needs or loan ceilings for traditional and high-value crops which should not exceed 80% of the project cost," Salagubang said.

To qualify, the coop must be duly registered with CDA, it has minimum of 60 members composed of small farmers/fisherfolks and non-farmers; minimum paid-up share capital of P30,000. All members should also have attended pre-membership education seminar (PMES) with a core management team composed of qualified duly bonded part time or full-time Treasurer/ Cashier and qualified full time bookkeeper and manager among others. (PIA-Ifugao) [top]

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