BONTOC – A total 501 individuals comprising self-help group, organizations, associations and cooperatives availed of the Provincial Development Livelihood Program of the provincial government of Mountain Province starting its implementation in 2011 until this July 2014.
Dominga Ortiz of the Provincial Cooperatives Office said that provincial government allotted an amount of P2, 450,000 in 2011 loaned out to 29 organizations, self-help groups and cooperatives or a total of 313 individuals.
She explained that the money loaned out in 2011 was paid by the borrowers and rolled out to 22 group equivalent to 50 individuals in 2012, 39 individuals in 2013 and five individuals this 2014.
Ortiz added that the amounts loaned were used to finance exclusively the approved livelihood activities they have applied for.
The beneficiaries invest the money they loaned in piggery, furniture making, buy and sell of rice, feeds and legumes, cafeteria, poultry, coffee growing, baking (bread), farm gardening, tailoring shop, buy and sell of agricultural inputs, mechanical palay and threshing project, weaving, sewing and fishery.
Under this program, the amount to be loaned to the applicant is not less than P50, 000 or more than P100, 000 which will be used to finance exclusively the approved livelihood activities.
Ortiz explained that the loan is payable together with its annual interest of five percent for a period of 16 months and start from the fourth month since the beneficiaries are given three months to roll the money they have loaned. An administrative cost of two percent is charged from the total amount loaned which is pre-deducted.
She added that requirement needed for the processing of the loan include that project proposal of the applicant and is required to have two co-makers who are permanent employees of the provincial government.
To ensure effective implementation of the program, a memorandum of agreement (MOA) is entered into by and between the provincial governments represented by the provincial governor, the applicant and his/her co-makers. Under the MOA, the co-makers agree to be the guarantor of the applicant for the payment of the loan and further agree that the obligation shall be deducted from their salaries from the default of payment of the loan until the obligation shall have been fully paid.
The provincial livelihood program is one of the pet projects of Governor Leonard G. Mayaen which aims to help jobless individuals in the province who want to start potential livelihood projects through the provision of financial assistance.