BONTOC, Mountain
Province, -- The Provincial Livelihood Program (PLP) of the provincial
government here is now providing livelihood assistance to qualified individuals
in the province.
Based on data of
Provincial Cooperatives Office in charge of the program, P1,430,000.00
was loaned to 22 individuals in 2018, and P1,700,000.00 to 18
individuals from January to July this year.
This
livelihood program aims to help jobless individuals in the province who want to
start potential livelihood projects through the provision of financial
assistance in the form of loan with very minimal interest. The borrowers invest
the money they loaned either in piggery, gardening, goat raising and capital
build up in their existing business like sari- sari store.
Supervising
Cooperatives Development Specialist Estrella Africano said the maximum amount
to be loaned is P100, 000.00 but this depends on the validation of the proposed
livelihood of the applicant which will be conducted by the staff of the
Provincial Cooperatives Office in partnership with the concerned office.
Under
the terms and conditions of loan as provided in the Provincial Ordinance No.
288, s. 2018, the amount to be loaned shall be used to finance exclusively the
approved livelihood activities, payable together with interest, for a period of
18 months.
Payment of
the loan shall be made in 18 equal installments which will commence on the
fifth month after the release of the loan. An annual interest of six percent
and an additional administrative cost of two percent shall be deducted
immediately from the loaned amount.
To ensure the
effective implementation of the program, a memorandum of agreement (MOA) shall
be entered into by and between the provincial government represented by the
Provincial Governor, the applicant and his/her co-makers.
The loan
shall be secured through co-makers who must be permanent employees of the
provincial government. The co-makers shall execute a Special Power of Attorney
authorizing either the Provincial Treasurer to deduct from their salaries or
benefits or the Provincial Accountant to make the necessary deductions in their
payrolls when the borrower cannot pay his/her monthly amortization which become
due and demandable until full payment of the loan is made.(JDP/JBS-PIA CAR, Mountain
Province)
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