Capitol grants Php3.7-M loan to cooperatives

• Source: http://www.pna.gov.ph/index.php?nid=3&rid=947842
• Monday, December 12, 2016

(PNA), LAP/PGL/PR/CBF

ILOILO CITY, Dec. 12 (PNA) -- Governor Arthur Defensor Sr. granted a Php3.7-million soft loan to eight cooperatives here on Monday to help them grow their respective businesses.

The loan was part of the livelihood project fund of the Provincial Cooperative Office that has Php5 million annual appropriations to support cooperatives with feasible business proposals.

Defensor approved to provide the maximum loanable amount of half a million to the Leganes Community Development Program Cooperative, Passi City Employees Multipurpose Cooperative, Pavia Entrepreneurs Multipurpose Cooperative, Pototan Farmers Multipurpose Cooperative, Pototan Teachers and Employees Multipurpose Cooperative, PRO-6 Development Cooperative and the Kapisanan ng mga Mambubukid ng Tambal Primary Multipurpose Cooperative.

The St. James the Great Cooperative in Maasin, Iloilo, on the other hand, secured Php200,000 loan from the provincial government.

Chief Cooperative Development Officer Arturo Cangrejo said the loan has an interest of six percent per annum and it must be paid within three to five years.

Many were interested in this loan because it offers the most favorable terms to cooperatives, he added.

“Unlike in the bank, their monthly amortization with our program will be collected 15 months from the date of the issuance of loan,” he said.

Come 2017, the provincial government would double the maximum loanable amount to a million after the Sangguniang Panlalawigan (SP) has amended the loan’s terms and conditions.