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N. Cotabato coops granted P5.1 M loan

piaKIDAPAWAN CITY, North Cotabato, Nov. 5 (PIA) --    Two  agrarian  reform cooperatives  in  North Cotabato  recently  received  P5.1 million  production loans    with lower interest rates from  the  Land Bank of the Philippines.

Marion Abella, provincial agrarian reform program officer, said  these  capital  loans  offered under the Agrarian Production Credit Program (APCP) will benefit   68  members  of the Popoyon CARP Beneficiaries Multi-purpose Cooperative and the Kibudoc Multi-purpose Cooperative.

LBP  granted  P3,609,678.98  to   Popoyon CARP  Beneficiaries MPC  and   P1,595,000 to Kibudoc MPC.

“The loaned amount of the Popoyon CARP Beneficiaries MPC will be lent to 41 ARBs to finance their rice production activities while the Kibudoc MPC will fund the sugarcane production requirements of the 27 ARBs,” Abella said.

The Popoyon MPC is now on the fourth cycle of the program since they first availed of this in August 2013

Kibudoc MPC, on the other hand,  has availed the program for the first time, starting last month.

APCP,  the official explained,   is a credit and capacity development program designed to respond to the credit needs of ARBs on various economic projects such as agricultural production, agri-enterprise and livelihood projects.

“This enhanced credit program will help address the credit needs of ARBs have not yet accessing production loans from formal credit market. Through this affordable credit program, ARBs will have enough financial requirement to help them improved their farm productivity and profitability,”  he explained.

APCP offers  8.5% per annum  interest  rate with 2% interest rebate per annum if  the borrowing agrarian reform beneficiary organization pays the principal amount on time, he added.  

These organization, on the other hand,  charges  interest  rates  of  15% per annum or 0.8% per month, to its  member agrarian  reform beneficiaries.

Aside from the two ARBOs, DAR has also assisted five other organizations who have availed of the program, namely: the Dagupan ARB MPC of Kabacan and the Gastav Irrigators Association of Banisilan which are now on third cycle and second cycle for the rice production loan, respectively; the Tri-People ARC Association of Kidapawan City and New Leon MPC of Aleosan which are on the first cycle for the corn production loan; and the Malinao Miguel Macasarte Farmers Association, which is  is on the first cycle for oil palm production loan.

“LBP has already approved over P20 million for this seven DAR-assisted organizations in North Cotabato since the government launched the program in 2013,” Abella said.

Meanwhile, Chief Agrarian Reform Program Officer for Beneficiaries Development and Coordinating Division Emelita A. Mayol said that only ARBs who are members of the cooperatives or farmers’ organizations could avail of the services under the APCP.

 “The credit/loan will be channeled through the agrarian reform beneficiaries organizations  where ARBs could borrow money to enhance their agricultural productivity,” she said.

Qualified groups could avail loans ranging from P40,000  to P150,000 per hectare depending on the commodity of the beneficiaries.

Growers  could   avail P41,000  per  hectare of  rice, P40,000/ha  for corn, P159,000/ha oil palm, P50,000/ha  for newly-planted  sugarcane and P40,000/ha  for rationed sugarcane.

Mayol also said that through APCP, ARBOs will also be strengthened through the provision of institutional capability building assistance to make them eligible for agricultural production loans via formal financing institutions and enable them to sustainably manage their enterprises.

DAR, the Department of Agriculture, and LBP are pooling their resources and expertise to help ARBs access affordable credit, development assistance, and marketing support.   (DEDoguiles-PIA 12 with report from RDOrejudos-DAR North Cotabato).

Source: http://news.pia.gov.ph/article/view/1611415085406/n-cotabato-coops-granted-p5-1-m-loan

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