PUERTO PRINCESA CITY, Palawan — Three cooperatives in Palawan have received a total of PHP1.3 million loan from the provincial government to support their growth.
Victoria Ladica, Provincial Cooperative Development Office (PCDO) chief, said Monday the loans without interests were sourced from the Upgrading Support for the Advancement and Development of Entrepreneurs in Cooperatives (USAD) and the Sustained Livelihood Opportunities and Growth for Cooperatives (SULONG) programs of the provincial government.
Under SULONG, Sofronio Española Farmers Multi-Purpose Cooperative (SEFMPC) and Coron School of Fisheries Multi-Purpose Cooperative (CSFMPC) each received a loan of PHP500,000.
The Agricultural Cooperative of Sofronio Española (ACSE), on the other hand, received PHP300,000 under USAD.
Officials of the three cooperatives received the loans on Oct. 25 during the 10th Provincial Cooperative Convention held in Puerto Princesa City.
Ladica said the loans are offered to active cooperatives without interest for their development and growth, and as poverty alleviation initiative.
“Binibigyan natin ng four months grace period at pinababayaran natin ito sa kanila for 12 to 24 months para hindi sila mahirapan (We give them a four-month grace period and we ask them to pay in 12 to 24 months, so they won’t have a hard time),” she said.
To make sure the loans are handled well, she said officials and members of the cooperatives regularly undergo training-workshops to expand their financial skills and knowledge to manage their growth.
Cooperative conventions and conferences are also held for the cooperatives in the province to get acquainted with new developments in “cooperativism” that they may use in daily activities in their areas. (Celeste Anna Formoso/PNA)
