In 1992, rice farmer Ricardo Buenaventura, struggling with limited capital, united with 15 fellow farmers to form the Nagkakaisang Magsasaka Agricultural Primary Multi-Purpose Cooperative (PMPC). Their goal is to overcome financial barriers and boost their production.
Land Bank of the Philippines (recognized their potential and granted them their first loan of P120,000.00. This initial trust marked the beginning of a transformative partnership.
“LandBank believed in us even when our cooperative was just starting. They gave us the opportunity to strengthen our cooperative and improve our livelihood,” Buenaventura said.
LandBank’s support steadily grew, with total loans to the cooperative reaching P1 billion.
The cooperative used the funds to expand into diverse ventures, including re-lending to members, agricultural trading and infrastructure development like warehouses and an onion cold storage facility.
From its humble beginnings, Nagkakaisang Magsasaka Agricultural PMPC has grown to 1,500 members, encompassing not only rice and onion farmers but also poultry, livestock raisers and micro-entrepreneurs like sari-sari store owners.
Through the partnership, the cooperative now provides comprehensive support to its members, covering the entire rice production cycle.
They purchase their members’ produce at fair prices, process it under their own rice brand and distribute it to consumers across the country. The co-op has also ventured into onion cold storage, reducing post-harvest losses for onion farmers and stabilizing the local onion value chain.
Buenaventura said the co-op’s diversification ably addresses the needs of its members and enhances the agricultural sector. LandBank’s support has been instrumental to their success story, he said.
The cooperative’s growth has not only benefited its members but also contributed to increased productivity and food security in the region.
“With LandBank’s help, our cooperative has achieved so much and has helped many rice farmers. Now, we are also helping onion farmers here in Nueva Ecija strengthen their production,” Buenaventura said.
LandBank president and chief executive Lynette Ortiz reaffirmed the bank’s commitment to empowering agricultural cooperatives, recognizing their pivotal role in providing small farmers with essential resources for growth.
She said the Nagkakaisang Magsasaka Agricultural PMPC exemplifies the transformative power of collaboration between financial institutions and agricultural cooperatives.
“Their journey is a testament to the impact of accessible credit, infrastructure development, and diversified operations in uplifting the lives of farmers and contributing to the overall development of the agricultural sector,” Ortiz said.
Be the first to comment