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PIA Press Release
2010/11/03

Pagadian City gov't grants P800-T loan to coop beneficiaries

Pagadian City (3 November) -- In its desire to improve the standard of living of the Cooperative organizations, the city government released P800,000 to 5 Coop beneficiaries recently.

Mayor Samuel S. Co led the releasing of checks to the following beneficiaries namely: 1) Tulangan Farmers Multi-Purpose Cooperative P200,000; 2) Women/Widow Apostolate MPC ? 200,000; 3) Pagtinabangay MPC ? 200,000; 4) Gubac Farmers MPC ? 100,000; and 5) Bigkis Lakas NAMADU MPC ? 100,000 with the total amount of P800,000.

Co said, the amount will be used to finance lending to their respective eligible coop members for them to venture their own business.

The amount was taken from the City Livelihood Development Assistance Program (CILDAP) II, the program of the city government established in year 2000 which provides help to the Coop organizations by way of extending loans with a minimal interest of 5% annually payable in 2 years in (8) quarterly installments.

CILDAP II has granted loans in the total amount of P7 million to 64 Coop beneficiaries since its inception.

The Chief Executive was assisted by his nephew, City Councilor Alexander S. Co, chairman of the Committee on Cooperatives, Provincial Cooperative Development Specialist Abraham A. Revil, City Administrator Rufino Amor, and City Supervising Cooperative Development Specialist Nestor C. Mindanaros.. (pia9/zds/cal) [top]

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