"In times of crisis, we would like to assure everyone that it is now possible for them to acquire basic goods and services because of this project. Every single centavo that an individual earns is really important, therefore we would like city residents to purchase what they need despite financial constraints," Pasay City Mayor Wenceslao "Peewee" Trinidad said during the signing of the Neighborhood Retailing Project (NRP).
The participating cooperatives are theGoshen Multipurpose Cooperative and the Yahad Consumer and Credit Cooperative.
Under the scheme, the national government’s allocation of P1 million will be loaned to the two cooperatives through NRP. The cooperatives will repay the amount to the Pasay City Mayor’s Social Fund through the Office of the City Treasurer with an interest rate of eight percent per annum, payable on a quarterly basis for four years.