TANGUB, Misamis Occidental – As the COVID-19 pandemic continues to affect livelihoods and employment throughout the country, the Lorenzo Tan Multi-Purpose Cooperative (LTMPC) has remained responsive to the financial needs of its members, with help from the Land Bank of the Philippines (LANDBANK).
The P300-million rediscounting loan line from the state-run Bank in 2020 allowed LTMPC to sustain its lending operations and finance the needs of its nearly 80,000 members, of whom 31,000 are farmers, fishers, and agrarian reform beneficiaries (ARBs).
The loan helped LTMPC support farmers and fishers in purchasing production requirements, such as farm inputs and seedlings. It also provided for the needs of micro and small entrepreneurs, Overseas Filipino Workers (OFWs), and pensioner-members amid the economic challenges brought about by the pandemic.
“LANDBANK recognizes the essential role of cooperatives in promoting economic recovery and resiliency in their local communities. We stand ready to bolster their support interventions as we continue to rise together in the new normal,” said LANDBANK President and CEO Cecilia C. Borromeo.
With an assured source of funds, LTMPC has also provided its members with essential goods, such as groceries and rice, including free medical check-ups at the LTMPC Community Hospital in Zamboanga del Sur, which is owned by the cooperative.
A LANBANK partner since 1991, LTMPC has expanded its operations from its lone branch in Tangub City, Misamis Occidental to 22 branches across the provinces of Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, Misamis Oriental, and Lanao del Norte.
“Taos-puso akong nagpapasalamat sa tulong, walang-sawang pagsuporta, at tiwalang ipinagkaloob ng LANDBANK sa aming kooperatiba. Ang pampinansyal at teknikal na tulong, at abot-kayang interes ay malaking tulong sa kooperatiba lalo na sa aming mga miyembrong magsasaka,” said General Manager Lusminda S. Cubero.
As of end-September 2021, LANDBANK’s outstanding loans to the agriculture sector have reached P228.21 billion, of which P21.53 billion directly benefited small farmers and fishers channeled through cooperatives and farmers’ associations.
LANDBANK continues its intensified support to partner cooperatives towards ramping-up the implementation of recovery and resiliency strategies under the new normal.
