QUEZON, Nueva Vizcaya—Livelihood organizations supported by a mining firm here showed improvement in their capital build-up.
Peter Storey, FCF Minerals Corp.’s general manager for operations based in barangay Runruno here, said an assessment and evaluation of the 14 livelihood associations on their financial status showed a three-percent increase in their capital from P2.248 million in the previous year to P2.318 million from January to December last year.
“The increase is attributable to the payment of capital build-up, membership fees and interest on loans of members of these associations,” he said.
The associations were supported by FCF’s Community Enterprise Development and Networking through livelihood support lending program called “Pondong Pangkabuhayan” (Fund for Livelihood).
The groups are the Busat Upland Farmers Association, Atan Vegetable Growers Association, Runruno Sewers Association, Senior Citizens Association, Malilibeg Pagbiagan Association, Baddang Kiphodan Association, Tayab Women’s Association, Compound Women’s Association, Bit-ang Women’s Association, Cabinuangan Highlander Association, Dumaliguia Women’s Association, Kinalabasa Rural Workers Association, Dipilipig Development Association, Inc. and the Marangad Rural Workers Association. Ben Moses Ebreo
Storey said 12 of these associations also showed growth in loan collection status to 18 percent, due to a revitalized lending policy with enhanced system and procedures.
“DDAI showed the highest recovery rate of 60 percent, while BUFA earned 38 percent based on the status of loan collection,” he added.
The loan repayment status of the livelihood associations, Storey said, was at P806,000 as the total amount disbursed for the third quarter, the total payment was P611,000 with a loan balance of P194,000 as of December 2016.