UCPB releases P1.3-M for coops

The United Coconut Planters Bank (UCPB) has released P1.3 million in loans to 11 coconut farmers‚ cooperatives under the Coconut Agrarian Reform Communities Enterprise Development Project (CARCODE).

Another P4.3 million are set to be released to 25 other coconut farmer-cooperatives once their business proposals have been approved.

Through its Coconut Industry Investment Fund (CIIF) Foundation, the UCPB launched the CARCODE. It is a two-year, World Bank-funded program that is being implemented jointly by the Department of Agrarian Reform (DAR) and the bank.

The program aims to develop the entrepreneurial capabilities of coconut farmer-cooperatives in agrarian reform areas by teaching them market-oriented business planning processes.

Apart from CARCODE, UCPB has two other livelihood programs for small coconut farmers.

One is the Countryside Economic Development Program, which is being implemented in more than 20,000 coconut producing barangays across the country. The program has granted nearly P1 billion in loans to coconut farmers’ cooperatives since its inception in 1995.

The other program is the Buklod Unlad, a microfinance program for wives and other immediate members of the family of small coconut farmers. In a span of only one year, the program has released P19.4 million in loans.

The loans financed the establishment of micro-enterprise that are now generating steady income for the more than 2,000 recipients.

The UCPB extended last year a record P177 million its loans to farmer’s cooperatives. A total P802 million in low-cost loans have already been extended since 1995.