Based on the data of the Provincial Cooperatives Office that is in-charge of the program, the total amount of P1,430,000.00 was loaned to 22 individuals in 2018, and P1,700,000.00 to 18 individuals from January to July this year.
This livelihood program aims to help jobless individuals in the province who want to start potential livelihood projects through the provision of financial assistance in the form of loan with very minimal interest. The borrowers invest the money they loaned either in piggery, gardening, goat raising and capital build up in their existing business like sari- sari store.
Supervising Cooperatives Development Specialist Estrella Africano said the maximum amount to be loaned is P100, 000.00 but this depends on the validation of the proposed livelihood of the applicant which will be conducted by the staff of the Provincial Cooperatives Office in partnership with the concerned office.
Under the terms and conditions of loan as provided in the Provincial Ordinance No. 288, s. 2018, the amount to be loaned shall be used to finance exclusively the approved livelihood activities, payable together with interest, for a period of 18 months.
Payment of the loan shall be made in 18 equal installments which will commence on the fifth month after the release of the loan. An annual interest of six percent and an additional administrative cost of two percent shall be deducted immediately from the loaned amount.
To ensure the effective implementation of the program, a memorandum of agreement (MOA) shall be entered into by and between the provincial government represented by the Provincial Governor, the applicant and his/her co-makers.
The loan shall be secured through co-makers who must be permanent employees of the provincial government. The co-makers shall execute a Special Power of Attorney authorizing either the Provincial Treasurer to deduct from their salaries or benefits or the Provincial Accountant to make the necessary deductions in their payrolls when the borrower cannot pay his/her monthly amortization which become due and demandable until full payment of the loan is made. (JDP/JBS-PIA CAR, Mountain Province)
By Juliet B. Saley