Cayetano gives aid to Davao coops-A A +A
Tuesday, March 18, 2014
SENATOR Alan Peter Cayetano turned over P200,000 to San Isidro Farmers Cooperative and the GK Pueblos Farmers Consumers Cooperative as part of his Presyo, Trabaho, Kita (PTK) Program at the Grand Men Seng Hotel in Davao City on Sunday.
The PTK Program is Cayetano's platfrom that aims to reduce prices, create more jobs, and raise income.
The senator said each of the cooepratives will receive P100,000 as capital for their loan portfolio. He said this is to prevent farmers from getting loans from "five-six" lenders.
"This is also to prove that ordinary farmers are able to pay their loans on time," Cayetano said in Filipino.
The senator said he is just asking for three things from the cooperatives: (1) loans should be released fast and the lender and debtor should stick to the arrangement of payments, (2) the interest would not be more than 5 percent, and (3) the cooperatives should have enforcement mechanisms to ensure payment of loans.
Cayetano said these measures will ensure growth in their loan capital.
He also urged the cooperatives not to rely on using the funds for the loans but also to use it for investments that will allow the funds to grow.
"Once the money grows more than what we gave initially, then you (cooperatives) can now lend loans to those who are also outside of the cooperative," he said.
Samuel Escamis, officer-in-charge and assistant city agriculturist of the City Agriculurist Office (CAO), said CAO and Davao City Cooperative and Development Office (CCDO) will be monitoring the cooperatives and will send report to Cayetano every three months on the progress of the program.
"If there is progress and growth to the initial funds that we gave, then we might give more funds for other projects," Cayetano said.
Cayetano said the two cooperatives are the 23rd and 24th beneficiaries to receive funds from the program. He said of the then 22 cooperatives, only one experienced a problem, which was a minor one.
Escamis said they were the ones who identified the two cooperatives because of the good management they are showing and they hope to replicate this in other cooperatives as well.
Published in the Sun.Star Davao newspaper on March 18, 2014.