'Pinoy Coop ATM' launched

MANILA, Philippines - Some 4,790 members of Baug CARP Beneficiaries Multi-Purpose Cooperative (BCBMPC) can now withdraw and do their bank transactions through the newly opened Pinoy Cooperative ATM in Magallanes, Agusan del Norte.

The BCBMPC is a cooperative supported by the Department of Agrarian Reform (DAR) whose members are composed of only more than a hundred crab hunters and fishpond workers in Agusan del Norte back in 1994.

The opening of the Pinoy Coop ATM shows a better and easier way to access credit and funding assistance for the agrarian reform beneficiaries (ARBs). This could persuade the farmers to manage their funds and finances efficiently. The members may withdraw or deposit to their accounts without the hassle of long lines at the bank.

As part of the Comprehensive Agrarian Reform Program (CARP), the department is mandated to organize the agrarian reform beneficiaries into different organizations like multi-purpose cooperatives, farmers’ and irrigators’ association, woman’s organization and federation. There are a total of 3,882 registered and unregistered cooperatives nationwide. These are duly organized and assisted by the DAR, National Irrigation Authority and the local government units.