Mt. Province coop releases P1.3 M for livelihood

BONTOC, Mountain Province — Twenty two individuals are the latest beneficiaries of the livelihood program of the provincial government being implemented by the Provincial Cooperative Office.

Based on the data of the Provincial Cooperative Office, from January to September this year, a total of P1.31 M was released to 22 individuals.

This livelihood program which was initiated by the late Governor Leonard Mayaen in 2011, aims to help organizations, associations, cooperatives and jobless individuals in the province who want to start potential livelihood projects through the provision of financial assistance in the form of loan with a very minimal interest.

To date, there are already 157 individuals, three organizations and one cooperative benefited from the program. Of these beneficiaries, the three organizations, the coop and 60 of the individual beneficiaries have already paid their loans.

The borrowers invested the money they loaned in piggery, coffee shop, computer shop, snack house, weaving, sari-sari store, poultry, farm gardening, furniture making, buy and sell, tailoring shop, water delivery, massage, vegetable dealer, handicrafts, goat raising, cycle parts and accessories.

The loan is payable for a period of 16 months from the date of release. The borrower is given four months to roll the money loaned and payment of loan starts on the fifth month. Annual interest of five percent and an additional administrative cost of two percent shall be deducted immediately from the loaned amount. Collections from loan payments shall be lent out to other interested applicants.

To ensure the effective implementation of the program, applicants are required to have two co-makers who are permanent employees of the provincial government. Juliet Saley/PIA CAR