1. Landbank loan cooperative expansion
2. Ecija cooperative growth loan
3. P1-B Landbank financing expansion
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P1-B Landbank loan boosts Ecija cooperative’s expansion
A cooperative in Nueva Ecija secures a significant P1 billion loan from Land Bank of the Philippines to support expanded operations. The loan, substantially larger than their initial P120,000 loan three decades ago, will fund various activities such as rice and agri-inputs trading, diesel retailing, onion cold storage rental, and more. Part of the funding will go towards constructing an onion cold storage facility benefiting farmers in multiple towns. The cooperative, with 1,500 members, supports local farmers by providing credit for onion production and offering better prices. Land Bank aims to empower agricultural cooperatives for sustainable growth and food security in the country.
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A cooperative based in Nueva Ecija recently secured a significant boost in funding from the Land Bank of the Philippines, receiving a total of P1 billion in loans. This substantial financial injection is set to help the Nagkakaisang Magsasaka Agricultural Primary Multi-Purpose Cooperative (PMPC) expand its operations and support its members in various agricultural activities.
The history of this cooperative dates back three decades, when it initially tapped a loan of only P120,000 for working capital. Fast forward to the present day, and the cooperative has now received a loan that is exponentially larger, enabling it to finance a wide range of activities to benefit its members.
The P1 billion loan will be used for relending to support the production activities of the cooperative’s members, including rice and agri-inputs trading, diesel retailing, rice milling, onion cold storage rental and trading, as well as the importation of milled rice and fertilizers produced by its members. Additionally, a portion of the loan, amounting to P112 million, has been allocated for the construction of an onion cold storage facility with a capacity of up to 60,000 bags of onions.
The completion of the onion cold storage facility, which commenced operations in April of this year, is expected to have a positive impact on farmers in several towns in Nueva Ecija. Furthermore, the cooperative has utilized the loan to construct warehouses, acquire farm machinery and equipment, and enhance agricultural productivity.
Through its partnership with Landbank, the cooperative aims to empower agricultural cooperatives and improve small farmers’ access to credit, technology, and other essential resources for growth. This support has been instrumental in enabling the cooperative to meet the evolving needs of its members and enhance the entire rice production process – from planting to marketing and distribution.
In addition to its focus on rice production, the cooperative also provides credit support for onion production and offers members competitive prices for their produce, thereby supporting the local onion industry. With a commitment to diversification, the cooperative is expanding its operations to assist onion farmer-members and strengthen the local onion value chain.
Ricardo Buenaventura, the chair of the cooperative and a rice farmer himself, highlighted the positive impact of Landbank’s support, stating, “With the help of Landbank, our cooperative has funded various projects and helped many palay farmers. Now, we are assisting onion farmers in Nueva Ecija to boost their production.”
Currently boasting a membership of 1,500 individuals, the cooperative includes farmers engaged in rice and onion production, as well as backyard poultry and livestock raisers, and micro, small, and medium enterprises such as sari-sari store owners. This diverse membership base reflects the cooperative’s commitment to supporting a wide range of agricultural activities and promoting economic growth in the region.
Looking ahead, Landbank and the cooperative are eager to continue collaborating with agricultural cooperatives to enhance productivity, ensure food security, and foster sustainable development in the country. Through strategic partnerships and targeted investments, they aim to create lasting positive impacts on the agricultural sector and empower rural communities to thrive.
In conclusion, the P1 billion loan secured by the Nagkakaisang Magsasaka Agricultural PMPC from Landbank represents a significant milestone in the cooperative’s journey towards expansion and sustainability. By leveraging this funding to support diverse agricultural activities and empower its members, the cooperative is poised to make a meaningful contribution to the agricultural sector in Nueva Ecija and beyond.
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