ILOILO – Ten farmers’ cooperatives are availing themselves of loans from the provincial government to help small farmers reeling from the nose-diving of rice prices that is being blamed on the Rice Tariffication Law.
The contract signing was done on Tuesday.
Under this loan program – with a two percent interest per annum and payable in three years – of the provincial government dubbed Mangungoma Sapnayon: Palay Price Procurement Program, farmers’ cooperatives must buy palay (unhusked rice) from small farmers at premium prices.
The 10 cooperatives and their loans are the following:
* Pototan Farmers Multipurpose Cooperative – P10 million
* Dingle Multipurpose Cooperative – P10 million
* Southern Iloilo Area Multipurpose Cooperative in Oton – P10 million
* Santa Barbara (FACOMA) Multipurpose Cooperative – P5 million
* San Julian Multipurpose Cooperative in Badiangan – P5 million
* Zarraga Multipurpose Cooperative – P5 million
* Barotac Nuevo Development Cooperative – P5 million
* Kooperatiba Naton Multipurpose Cooperative in Tigbauan – P5 million
* Guintapagin Agrarian Reform Cooperative in Bingawan – P1 million
* Kabalikat Multipurpose Cooperative in Bingawan – P1 million
According to Atty. Arturo Cangrejo, chief of the Provincial Cooperative Development Office, the loanable amount was determined based on the cooperatives capacity to pay and drying facilities.
“The first amortization of these cooperatives would start 15 months after the loan’s release. Buot silingon subra isa tuig anay nga i-rolling sang kooperatiba ang ila pundo para maka-gainincome kag amat-amat sila nga magabayad,” said Cangrejo.
As agreed with the provincial government, the cooperatives would procure palay from small farmers at P14 per kilo./PN
