LA TRINIDAD, Benguet — Small or micro-scale cooperatives in this capital town have something to look forward to, as the municipal council pushes for a loan assistance program for the sector.
The proposed ordinance is called “La Trinidad Cooperative Livelihood Loan Assistance Program”, La Trinidad Councilor Horacio Ramos Jr., the principal author of the ordinance, shared with the Philippine News Agency (PNA) on Wednesday.
“The purpose of the ordinance is to assist small cooperatives, especially the micro-scale cooperatives, to help finance and sustain their livelihood programs,” Ramos said.
The proposed ordinance, which was passed on first reading and subjected to a public consultation on Tuesday, covers all existing primary cooperatives in the La Trinidad under the micro-scale category.
Micro-scale cooperatives are defined by the proposed ordinance as those with a net worth of PHP1.5 million and below.
Among the types of loan that could be availed of are productivity loan, agribusiness loan, small and medium enterprise loan, and industrial/commercial/manufacturing loan.
The proposed measure requires that micro-scale cooperatives availing of the loan must be duly registered with the Cooperative Development Authority (CDA), accredited by the Sangguniang Bayan, and operates in La Trinidad.
They must also be in operation for at least two years, in good standing with the La Trinidad Cooperative Development Council, among others.
Funds for the implementation of the ordinance shall be incorporated in the annual appropriation of the municipality under the support of the office of the municipal mayor, subject to the availability of funds. PNA-northboundasia.com