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Wednesday, January 27, 2010
LARBECO: Member Savings Operation
The member savings operation (MSO) in the Lamitan Agrarian Reform Beneficiaries Cooperative was conceived in 2002 when the Belgian Integrated Agrarian Reform Support Program came to Basilan with a huge agricultural development package. The primary aim of the operation was to instill in each farmer the value of saving. In November of the same year, savings operation was formally launched to cater to the agrarian reform beneficiaries.
With 150 people in its membership fold and an initial starting capital of P200,000, the operation first catered to the ARB-members of the coop. Due to its success, services expanded to credit assistance on several types of loan on education, emergency, salary, business, production, and pension with a monthly interest rate of 3-4% per month. Interest rate on savings is 6% per annum. Apart from BIARSP, organizations such as National Confederation of Cooperatives, Philippine Federation of Credit Cooperatives, and Credit Union Empowerment and Strengthening also extended assistance in the form of training on marketing, management, technical systems and many others.
Lalaine Rentor, a LARBECO employee testifies that the savings and credit operation uplifted her way of living. She was able to renovate the family house, purchase a motorcycle, and put up an additional capital for her business.
The MSO manager, Joseph Lopez, shares that the operation now boasts of over 940 members and P12,520,548 capital as of October 2009 with a satellite office in the town’s commercial center. Savings membership now extends to the academe and the business sector while credit assistance caters to the working and business sectors of the municipality and the ARBs of LARBECO. It employs a total of nine workers in its two offices.
With 150 people in its membership fold and an initial starting capital of P200,000, the operation first catered to the ARB-members of the coop. Due to its success, services expanded to credit assistance on several types of loan on education, emergency, salary, business, production, and pension with a monthly interest rate of 3-4% per month. Interest rate on savings is 6% per annum. Apart from BIARSP, organizations such as National Confederation of Cooperatives, Philippine Federation of Credit Cooperatives, and Credit Union Empowerment and Strengthening also extended assistance in the form of training on marketing, management, technical systems and many others.
Lalaine Rentor, a LARBECO employee testifies that the savings and credit operation uplifted her way of living. She was able to renovate the family house, purchase a motorcycle, and put up an additional capital for her business.
The MSO manager, Joseph Lopez, shares that the operation now boasts of over 940 members and P12,520,548 capital as of October 2009 with a satellite office in the town’s commercial center. Savings membership now extends to the academe and the business sector while credit assistance caters to the working and business sectors of the municipality and the ARBs of LARBECO. It employs a total of nine workers in its two offices.
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