By Becoming Municipal Cooperatives; Groups Can Tap Bigger Credit Facility

Manila Bulletin, April 16, 2006 | Go to article overview

By Becoming Municipal Cooperatives; Groups Can Tap Bigger Credit Facility


Unregistered Self Reliant Teams (SRT) of state-owned Quedan and Rural Credit Guarantee Corp. (QRCGC) have migrated into a more powerful municipal cooperatives which enable them to tap a bigger P1-billion credit facility of commercial-government banks.

Known previously to be merely informal groups, economically advanced SRTs have begun owning rights to acquire bigger credit facilities which the credit firm can no longer always afford to lend them.

"They need a P1-billion loan, but we can only give them P300 million. Before they were just informal groups. They can only borrow from Quedancor. Now, they can borrow from Land Bank and other financial institutions," said Nelson C. Buenaflor, QRCGC president and chief executive officer, in an interview.

Among the institutions the cooperatives can borrow from are Small Business Guarantee and Finance Corp., Development Bank of the Philippines, and Peopleas Credit and Finance Corp. Borrowings can be for production loan, microfinancing, and general loans for livelihood programs.

About five years ago, QRCGC introduced as a pioneering effort the SRT which is a group of three to 15 members that have successfully proven to be teachable in credit-worthiness. QRCGC boasts of close to 100 percent collection owing to the peer pressure concept and leadership incentives inherent in SRT.

As 39,000 SRTs have been set up all over the country, 98 have become municipal cooperatives. One cooperative may have 350 individual members.

"We expect later on that it will grow further because many would like to organize. We want to have 800 municipal cooperatives in five years. That will be good enough out of the 1,500 municipalities we have nationwide. …

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