LA TRINIDAD, Benguet – Last March 17, the Cattubo Multipurpose Cooperative (CMC) received PhP 1.5 million from the Agricultural Credit Policy Council’s (ACPC) Program for Unified Lending to Agriculture (PUNLA) at the Benguet Agri-Pinoy Trading Center (BAPTC).
The PUNLA project is designed by ACPC to address the financial needs of marginal farmers and fisher folk for fast, convenient, and affordable credit.
According to the 15 farmer-beneficiaries, the fund will be used to purchase the different needed farming materials. “We are the first farmer association to receive this assistance from ACPC that is why we try our best for this PUNLA project to be successful and be able to return the fund that we borrowed on time,” said Mateo Miguel, chairperson of CMC.
He added that before qualifying as the recipient of the loan, they had to meet a lot of requirements. The CMC went through a background check to make sure whether the association has good or bad records.
The members were also asked to attend sessions and seminars conducted by the ACPC in order to strengthen their management capabilities, especially on finances. As such, the beneficiaries were required to prepare their farm plan and budget in order to identify the exact amount they need in their farming operations.
Miguel said that with the project, they have more advantage because of the lower interest compared to that of a financier or supplier.
ACPC and Philippine Veterans Bank (PVB) also signed a memorandum of agreement where PVB will serve as the cashiering institution. The funds shall be transferred to PVB and released as loans directly to the CMC farmer-members though ATM cards or passbooks. In return, the farmer-borrowers are to open their bank accounts at PVB for them to access the money they loaned and to deposit their loan and interest payments.
PUNLA project is in a way similar to the common “farmer-supplier” set up that is widely known by most marginal farmers. So far, in Benguet, CMC is the first farmer association to receive assistance from this project. Other farmer associations are also encouraged to apply for assistance from ACPC.
By Beversel Padilla
