TODA groups get microfinance capital
PRESYO-TRABAHO-KITA
LINGAYEN– Five tricycle operators and drivers associations (TODA) in Lingayen and Urdaneta City received startup funds for their respective microfinance programs under the auspices of the Presyo, Trabaho, Kita (PTK) Kontra 5-6 project of Sen. Alan Peter Cayetano.
Cayetano said the program seeks to provide transport groups, market cooperatives, small businesses and other similar groups wider access to capital at very, very low interest rates, and free themselves from usurious rates of loan sharks.
He said he introduced the program after determining during his listening tours around the country that small businesses including transport groups, have difficulty coping with their income because most are paid to loan sharks, and they have no choice about it.
Last January 22, Cayetano personally handed over P100,000 seed fund to the Lingayen Capitol TODA.
On Jan. 25 four TODA groups – the Urdaneta City University TODA, San Vicente Centro TODA, San Vicente East TODA and the San Vicente Bus Stop North TODA – received P50,000 each as seed funds from the senator.
There are now 12 PTK beneficiaries in different areas in Pangasinan, and 100 beneficiaries in the whole country.
The other groups in Pangasinan enrolled in the PTK Kontra 5-6 program are: Ulopan Na Sumisigay Ed Dagupan, Inc. (Fishermen’s Trading Post); Villasis Corn Farmers Association; Pangasinan Irrigators Association; CSI Lucao Dagupan Jeepney Operators & Drivers Association; Samahan ng Maliliit na Tindahan ng Dagupan; San Carlinian’s Tricycle Drivers & Operators Federation; and the Bayambang Centro TODA.
Cayetano noted that all of the program’s beneficiaries in Pangasinan have reported varying success levels in their respective PTK Kontra 5-6 programs, their seed funds have been growing as members continue to avail of small loans and are able to pay back their loans to their associations in time.
In the case of the Pangasinan Irrigators Association, it used the grant given to them in February 2014 to purchase certified seeds enabling it to make its inventory grow.
The association recently reported that all members that have availed of the certified seeds returned 80kg of their palay produce as payment during harvest season and these in turn are again redistributed to their other members.
“Given our successful experience with the PTK program, I am urging the government to establish a similar microfinance program for small businesses that will be implemented on a nationwide scale. Small businesses are among the top job generators in the country and the government should encourage their growth,” the majority leader Cayetano said.
Previously, Cayetano identified three conditions of the program: 1) availing of loan should be easy, should not require many documents as banks; 2) interest rate shall not be beyond 5%, preferably from 1.5-3%; and 3) there should be enforcement mechanism to assure responsible payments.- (Johanne Macob/PNA)
Share your Comments or Reactions
Powered by Facebook Comments
