Wednesday, August 31, 2005
Agdao vendors assured of easy access to financing program
By Jenny Molbog-Mendoza
TRADE Secretary Peter Favila has assured at least 1,000 vendors at the Agdao public market of easy access to micro-financing program of the Land Bank of the Philippines (LBP).
Favila, in his tour at the public market Monday, discussed with the market leaders the urgent need for the vendors to form a unified cooperative.
By forming a cooperative, Favila said, the LBP can easily outlay a financing facility for them.
"Very strong dapat ang inyong kooperatiba para masu-sustain nyo talaga ang operation nito. Dapat mahusay talaga ang nagpapatakbo nito. Ang importante po ay kayo ang nagpapatakbo ng inyong kooperatiba. May pondo pong maibibigay sa inyo ang Land Bank, sinisiguro lang po namin ang sistema. Ang Land Bank po kasi ay nag-re-release ng pondo sa pamamagitan ng kooperatiba," he said.
Noel Buenviaje, market master of the Agdao public market, said the major bottleneck being experienced by the vendors is the high interest rates imposed by loan sharks.
Buenviaje said the average amount being borrowed by the market vendors ranges from P5,000 to P10,000.
LBP senior vice president Alfonso Cruz, who was also with Favila during the tour, said he will immediately inform the regional head of Land Bank about the immediate concern of the vendors.
The Department of Trade and Industry (DTI) 11 will extend some technical support to the vendors on loan processing.
For Bisaya stories from Davao. Click here. (August 31, 2005 issue)
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