Php3.4-M projects rising anew in Pangasinan's rural villages
- Source: http://www.pna.gov.ph/index.php?nid=3&rid=943987
- Monday, November 28, 2016
- (PNA), LAP/LVM/LVMICUA/RMA
LINGAYEN, Pangasinan, Nov. 28 (PNA) -- A total of Php 3.345 million worth of livelihood projects are up anew in different rural areas of Pangasinan as part of the continuing war against property under the administration of Governor Amado “Pogi” I. Espino, III.
The checks corresponding to this amount were distributed on Monday, Nov. 28, by Gov. Espino to 26 recipient cooperatives and small-scale projects pursuing different income-generating projects.
Gov. Espino said that his administration is sustaining the Livelihood Assistance Program (LAP) started by the province some eight years ago by making available loans to small-scale projects in the rural areas in a bid to conquer poverty and boost the economy of local entrepreneurs.
This was the 6th batch of recipients under LAP since 2016 and the 2nd one under the incumbent provincial chief executive.
Among the recipient entities were 23 multi-purpose cooperatives (MPC) and three micro, small and medium enterprises (MSME), comprising 913 individual beneficiaries.
Loan grants vary per beneficiary ranging from Php 50,000 to Php 180,000 or sixth month cycle. Some of the recipients availed of the loan for the first time while others renewed their loan for the fifth time already, which indicated that these projects are really earning.
Ellsworth Gonzales, Provincial Population Office officer in charge, said that the credit program enjoys a high loan repayment rate of 94 percent due to the considerate early payment rebate system they are employing for the borrowers.
“It is our way of encouraging them to pay their commitment so that when they pay, others can also be given the opportunity to avail of the assistance,” he said.
Gonzales bared that paying at least a day ahead of the cycle deadline can ensure beneficiaries a downsized interest rate of 1.5 percent from the regular 4 percent, which could save them a huge chunk that they can use for additional operative capital.
Though a “non-collateral loan” policy, a LAP participating MPC or MSME must be duly registered to the Department of Trade and Industry, an existing business in operation and a current market.
Aside from consistent monitoring of the recipients, LAP also provides training on organizational and financial management for the beneficiaries, to name a few.
“We are capacitating them to help them become as transparent as possible to ensure sustainability of the program. From the start, the former and the present governors want the beneficiaries to be self-sustaining and be independent of assistance,” Gonzales said.
LAP started during the first term of the elder Espino in October 2008 to develop entrepreneurship among women at the grassroots level but has since grown into a credit facility designed to aid Pangasinenses on their livelihood ventures and entrepreneurial activities.
At present, the total amount of livelihood assistance distributed since LAP’s inception has reached almost Php 78 million.