South Cotabato co-op makes fruitful comeback thru LANDBANK

308
Assistance from LANDBANK allowed Laconon 100 Multi-Purpose Cooperative (LMPC) to overcome financial losses. The T’boli based co-op now manages a 1,000 hectares of pineapple plantation in South Cotabato with an average annual production of 40,000 to 50,000 tons.

T’BOLI, South Cotabato – The unexpected closure of its anchor firm and primary
pineapple produce buyer pushed the Laconon 100 Multi-Purpose Cooperative (LMPC)
to the brink of financial collapse in 2003.

The cooperative struggled to recover and improve its operations in the years
thereafter, forcing several members to pull their capital share out of the
organization.

In 2017, LMPC was given a fresh start after availing of a series of loans from the
Land Bank of the Philippines (LANDBANK), which were used to expand the co-op’s
operations and acquire needed farm machinery, including four trucks, one tractor,
one tractor implement and one service monitoring vehicle.


Finally, with the support from LANDBANK, the cooperative was able to bounce back
from previous losses and started gaining new members.

In a bid to further expand its operations in the municipalities of T’boli, Surallah, Lake
Sebu, and Banga, and to accommodate pineapple farmers who have yet to access
financing from the Bank, the co-op renewed a P160-million loan line which was
further increased to P200 million in 2020.

LMPC was also granted a P7-million term loan for the purchase of five hauling trucks
to address the increasing logistics requirements, especially during the harvest
season.



The co-op availed of another P5-million loan from LANDBANK as working capital for
cassava trading operations to support members who have not qualified for the
pineapple growership program of its anchor firm.

From a struggling cooperative managing 300 hectares of farmland with 150
members, LMPC has since expanded its area of production to 1,000 hectares with
1,187 co-op members.


Since 2017, the timely credit of LANDBANK allowed LMPC to post steady growth in
net income with an average production of 40,000 to 50,000 tons of pineapples per
year—assisting the co-op to weather the economic challenges of the global
pandemic.

“Hindi kami iniwan ng LANDBANK sa panahon na kailangan namin ng suporta.
Nandiyan ang LANDBANK bilang aming kaagapay para makabangon sa
pagkakalugmok sa mga nakalipas na pagsubok. Nakabili kami ng mga makinarya at
nakapagbigay ng hanapbuhay sa aming mga miyembro at pamilya,” said LMPC
Chairperson Rhoda O. Pecadizo.

LANDBANK’s relationship with LMPC continues to expand, after the co-op was
certified in December 2021 as one of the Bank’s Agent Banking Partners, offering
basic banking services to unbanked and underserved communities.

As an accredited full-suite Agent Banking Partner, LMPC provides cash-out, cash-in,
fund transfers, and bills payment services on behalf of LANDBANK, and facilitates
the opening and issuance of LANDBANK Agent Banking Cards.

This arrangement provides LANDBANK customers in T’boli with improved access to
financial services and lower transaction costs, which is reflective of the Bank’s
steadfast commitment to advancing financial inclusion in South Cotabato and the
country as a whole.

As LMPC celebrates its 25th anniversary this year, the co-op is looking to avail of
additional term loans from LANDBANK to support its expansion plans. These include
the acquisition of two tractors and the construction of a new office building and
logistics facility with a gas station.

LPMC is only one of the many agricultural cooperatives supported by LANDBANK
nationwide, as part of its main thrust of serving the nation.

As of 31 March 2022, LANDBANK’s outstanding loans to cooperatives nationwide
have reached P57.66 billion.

Facebook Comments