CAP-PBD is a credit program that provides credit assistance to non-bank eligible ARB cooperatives and farmers’ associations and assists them to become bank-eligible organizations.
The said amount will be re-loaned to some 33 members who applied for the interest-free loan. A total of P25,000 has been allocated for a farmer who is tilling at least one hectare of land and each of the 33 farmers can get a maximum loan of P50,000 for two hectares.
The 33 farmers are also given free crop insurance through the subsidy for DAR-PCIC program.
According to Frelita O. Bartolome, information officer, the loan is payable within 180 days but if the farmers could harvest earlier, they are given the option to pay early so they could avail of the rebates.
“This is already the seventh release of the cooperative because the members were able to maintain their good standing in their previous loans,” Bartolome said.
Aside from the P1 million loan assistance, the cooperative has an existing communal fund of P700,000 as interest earnings from its previous.
The cooperative has 91 active members. It is chaired by Jose Laroza. (TCB/PIA 2-Quirino)