The Eastern Iguig Multi-Purpose
Cooperative (Eastern Iguig MPC) received a one million peso (Php1,000,000.00) loan
from the Land Bank of the Philippines through the Credit Assistance Program for Program Beneficiaries
Development (CAP-PBD) of the Department of Agrarian Reform (DAR) for relending purposes to members of the
cooperative. A symbolic one-million peso check was awarded by DAR ASEC Jose G.
Grajeda on October 4, 2012 during the turn-over ceremony at barangay Sta.
Barbara, Iguig, Cagayan.
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| Farmer-beneficiary members of Eastern Iguig MPC receiving the Php1million loan. |
The Credit
Assistance Program for Program Beneficiaries Development (CAP-PBD) was
conceptualized to provide credit support to Agrarian Reform Beneficiaries'
organizations who cannot yet qualify under the accreditation criteria of
government and private financing institutions. The said credit support aims to
serve as a venue to develop the ARB organizations' entrepreneurial competence
and credit worthiness, leading to their qualification to avail of the different
credit windows of financial institutions.
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| Land Bank and DAR staff. |
Each of the
thirty-one (31) farmer-beneficiary member of the cooperative can avail P25,000
per hectare for rice production with an interest of two percent (2%) per month
payable within one hundred eighty (180) days. /cds
