Home Regional News Region 2 Vizcaya's livelihood groups raise capital by P4.5M

Vizcaya’s livelihood groups raise capital by P4.5M

By:  Benjamin Moses M. Ebreo

 

QUEZON, Nueva Vizcaya, Feb. 18 (PIA) – The financial capital of at least 16 livelihood-organizations in this town has increased by 48.30 percent last year.

Ian Moller, country manager of FCF Minerals Corporation, also its acting manager for operations, who is assisting Community-Based Organizations  (CBOs)here attributed the increase to the compliance of members in paying their loans.

He said they have recorded  a capital growth of more than P4.5 million compared with more than P3 million in the previous years.

“This was attained due to the sustained strengthening of policies on savings mobilization, interest and capital build-up payment,” Moller added.

FCF provides support to the CBOs through capability trainings and financial assistance.

Moller said the two top performing livelihood groups in Quezon town are the Sitio Busat Upland Farmers Association Inc. (SBUFAI) and the Marangad Rural Workers Association Inc. (MRWAI).

SBUFAI recorded the highest increase in capital build-up with 88.85 percent or from P256,000 to more than P400,000 in 2018year.

Moller said the company also provided assistance to the CBOs to control unwanted loan delinquencies and ensuring that loans are used according to their business purpose.

“Members are regularly given capacity building activities to instill responsibility and obligation to their respective livelihood organization,” Moller said.

He also shared that the company introduced the Revitalized Micro-Lending Program wherein members of the associations with good credit standing can borrow from the relending activities. 

This program is being implemented with enhanced systems and procedures, he added. (ALM/BME/PIA 2 – Nueva Vizcaya)

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