10 towns receive livelihood fund from prov’l gov’t
LINGAYEN—Livelihood assistance funds were distributed by the provincial government to 10 groups and three individuals from 10 towns last May 29.
Governor Amado Espino Jr. handed the P100,000- P150,000 checks for the groups and P60,000- P100,000 for the individual-beneficiaries from the towns of Mabini, Dasol, Binmaley, Bayambang, Binalonan, Mapandan, Balungao, Natividad, Infanta, and Umingan.
The beneficiaries’ projects include farm inputs, commodity trading, relending, salt processing, egg retailing and balut production, and RTW-making.
The assistance is part of the loan program of the provincial government that helps those who have just started their small enterprises have additional capital.
Provincial Population Office officer-in-charge Ellsworth Gonzales said the regular loan interest rate is 4% per six months, while early payers would only pay a 1.5% interest.
Meanwhile, Gonzales said that the beneficiaries of the program underwent strict screening.
He cited requirements for association-beneficiaries as having at least 15 members and a minimum of P30,000 capital and legally registered.
The governor said the program has been successful given a remittance rate of 92% and the booming businesses of the majority of the borrowers.
A total of more than P41 million has been lent out to more than 100 groups since the program was started in October 2008.
Under the new rule, each association-borrower can now avail of a new loan up to ten times the value of the previous loan, provided their payment rate is 100 percent.Those that reach P1-million paid up capital can be recommended by the provincial government to borrow bigger loans from the Central Bank of the Philippines without collateral under the Pangasinan Credit Surety Fund. —Johanne R. Macob
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