The Department of Agriculture – Agricultural Credit Policy Council (DA-ACPC), under the SURE COVID-19 loan program, disbursed a P10-million credit fund to the Integrated Barangays of Numancia Multi-Purpose Cooperative (IBON MPC) in Aklan.
The IBON MPC, which has suffered losses during the enhanced community quarantine due to the rising cases of COVID-19, shall utilize the loan as additional capital requirement to buy palay harvest from farmer-members, certified seeds from seed growers, farm inputs needed by farmers and piglets from members engaged in hog breeding.
The P10 million working capital loan, which is payable in five years, is projected to contribute in increasing the IBON MPC’s annual income by at least 10%. It will also expand the production and trading operations of the coop, provide timely supply farm inputs and marketing support to farmers, contribute in stabilizing the supply of quality milled rice and improve the production and supply of quality pork in their area of coverage.
“Mobility was the biggest challenge during this enhanced community quarantine (ECQ). Farming and fishing activities slowed down and many opportunities were lost,” said IBON MPC General Manager Arnulfo Magcope. “That’s why we thank the DA-ACPC for its timely and accessible financial intervention,” he added.
The IBON MPC, which has more than 5,000 members, has been in the marketing operation since 2003. With its many years of experience in production and marketing of rice, it has established reliable partnerships with farmers in addition to its farmer-members, thereby ensuring a steady supply of their farm produce that can readily be marketed locally, in Aklan and in other provinces.