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PIA Press Release
2009/06/20

ComVal gov turns over checks to primary coops

by F. Crucio

Nabunturan, Compostela Valley (20 June) -- Governor Arturo T. Uy handed over a total of Three Hundred Thousand Pesos (Php 300,000.00) in checks to three primary cooperatives representing the first batch of 22 grantees under the Micro Credit Assistance Program to Cooperatives.

The program is a Php 2.2 million credit facility for cooperatives initiated by the Provincial Government of Compostela Valley which was launched this year. The turn over ceremony was done during the Monday convocation attended by Provincial officials, employees and some guests from different municipalities.

Andap Manlawod Tribal Cooperative, Lasting Agricultural Multi-Purpose Cooperative, all of New Bataan and San Isidro Multi-Purpose Cooperative of Mawab received One Hundred Thousand (Php 100,000.00) each as credit support to their various projects ranging from ginger production, bamboo production, fast food operation and marketing of Agri-products.

It can be recalled that Governor Uy has stressed in his pronouncements that the cooperatives being a vehicle for countryside development should be given ample support aside from capability building but also to their business ventures, which are of high return of investments. These projects are keenly selected by the cooperatives based on the submitted project proposal duly evaluated by the Project Management Committee headed by Mr. Isabelo L. Melendres, Executive Assistant IV.

The Micro Credit Assistance Program to Cooperatives aims to provide an accessible credit to small but operating cooperatives in the province that are not yet ready to access to formal lending and banking institutions. With the modest capital of P100, 000.00, the cooperatives could start investing or expanding their viable income operating projects and other entrepreneurial undertakings, which are envisioned to create economic wealth in their respective communities.

The credit facility is interest free with only 75% of the total loan amount shall be paid on condition that all amortizations are paid on time after a grace period of six (6) months upon release of the money.

The Micro-Credit Assistance Program to Cooperatives as a commitment of the Provincial leadership wherein every year, two (2) cooperatives are endorsed by the Municipal Cooperative Development Council (MCDCs) for possible assistance after submission of requirements to Cooperative Development Division, Provincial Agriculturist Office, being the program secretariat and implementing office. (PAGRO) [top]

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