San Miguel Multi-Purpose Cooperative (SAMMUCO) Board of Directors and Management Team led by General Manager Rev. Ariel M. Gonzales (3rd from right). The cooperative’s services include loans for palay and corn production, and rental of farm tractors (inset) acquired through Land Bank of the Philippines (LANDBANK), helping local farmers modernize their production.
SABLAYAN, Occidental Mindoro – In the remote sitio of San Miguel in Barangay Claudio Salgado, farmers here have learned to fend for themselves. Mostly living without the conveniences found in larger towns and cities, including access to financial services, they are left with no other choice but to turn to informal lenders to fund their crop production.
This prompted Baptist Pastor Rev. Ariel M. Gonzales to form a group of 16 farmers from their church. Pooling P1,000 from each member as initial capital, the group started to offer loans to farmers with an affordable interest rate.
In December 1996, with financial support from the Gintong Ani Program of the Department of Agriculture (DA) and Land Bank of the Philippines (LANDBANK), Pastor Ariel established the San Miguel Multi-Purpose Cooperative (SAMMUCO), with him acting as its general manager.
A year later, with the co-op’s membership base steadily growing, Pastor Ariel sought LANDBANK’s assistance through a Short-Term Loan Line (STLL) to finance their relending services for palay and corn production, improve its facilities, and expand to other businesses. With LANDBANK’s assistance, SAMMUCO is now also able to offer loans at a lower interest rate of 1% per month.
“We have a great relationship with LANDBANK for the last 20 years. We saw our partnership progress, and we thank them for providing us with financial assistance at a very low interest rate,” said Pastor Ariel.
Today, SAMMUCO buys the produce of its members in bulk at prevailing prices, and sells these in nearby provinces such as Oriental Mindoro and Batangas, since accessibility and transportation remains to be a challenge for small farmers. The co-op has also diversified its business and now runs a gas station, water station, plus plans to open a one-stop shop, and a mini hardware store.
“Gaining the community’s trust proved to be a challenge at the beginning because most of the cooperatives in the area did not prosper, but we persisted. Everyone had their doubts but we overcame that by being transparent. We instilled a culture of trust among our members,” Pastor Ariel said.
Currently, SAMMUCO has 280 farmer-members in their area and in neighboring barangays. The co-op also offers rental of post-harvest facilities such as harvesters, tractors, warehouse, and solar and mechanical dryers. SAMMUCO also prioritizes continuous education by offering technical skills trainings to its members.
“Malayo kami sa bayan, more than 50 kilometers, pero napaabot pa rin sa amin ng LANDBANK ang kanilang serbisyo sa amin. And we are happy that we are able to contribute to our community, generate jobs, and help enrich the lives of our farmer-members. Their children were able to finish college. LANDBANK has been providing us with moral and financial support to achieve all of this. They never fail to guide us in managing our cooperative. Their support is what keeps us going,” Pastor Ariel added.
For the past 57 years, LANDBANK remains steadfast in delivering intensified support to small farmers and fishers (SFFs). As of end-June this year, LANDBANK has extended loans to agriculture sector amounting to P227.47 Billion—P7.97 Billion or 3.6 percent more than the P219.5 Billion as of June 2019.
For more information about LANDBANK’s Lending Programs, interested borrowers may contact the nearest open LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.
LANDBANK grants 60-day timeout on loan payments
To continue helping clients cope with the impact of the COVID-19 pandemic, the Land Bank of the Philippines (LANDBANK) is granting a two-month grace period on loan and credit card payments. LANDBANK is providing a one-time 60-day moratorium for all existing, current, and outstanding loans falling due from September 15 until December 31, 2020, without incurring interest on interests, penalties, fees, or other charges. This is in support of the implementation of Republic Act No. 11494 or the “Bayanihan to Recover as One (BARO) Act.” Credit card transactions made, including fees or charges incurred, prior to September 15 shall also be covered by the moratorium. For credit card payments, any unpaid balance from transactions and fees or charges shall not incur interest or finance charges during the mandatory grace period. However, after the end of the applicable grace period, the said unpaid balance shall incur interest or finance charges if not paid in full on new due date. “LANDBANK understands how providing loan relief can significantly support our clients during these difficult times. We look to ease their financial concerns as we continue navigating the challenges of this pandemic,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK will apply the 60-day grace period automatically, without the need for borrowers and credit card holders to apply or request for the relief measure. However, for LANDBANK credit cardholders with Automatic Debit Arrangements (ADA) for payments, they must inform the Bank that they would like to avail of the relief. The grace period shall commence from the payment due date of loans, with principal and/or interest, including amortizations, falling due from September 15 until December 31, 2020. Meanwhile, credit card transactions made on and after 15 September are no longer covered by the BARO Act and shall continue to incur interest or finance charges if not fully paid on or before its original due date. LANDBANK previously granted a similar grace period for loan payments falling due from March 18 to June 30, 2020, in support of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.” Loan accounts that benefitted from this grace period will also benefit from the BARO Act if it remains an existing, current, and outstanding loan as of September 15, 2020. Meanwhile, fund transfer fees are still waived for InstaPay and PESONet transactions until December 31, 2020. For more information on LANDBANK’s 60-day grace period for loan and credit card payments, please visit the LANDBANK website at www.landbank.com/faqs.LEARN MORE
LANDBANK’s online accounts opening breaches 1-M mark
The boom in digital banking being experienced in the country as a result of the Covid-19 pandemic has resulted in an increase in online account opening and other digital banking services, said the Land Bank of the Philippines (LANDBANK). The Bank has recorded 1,039,926 accounts opened online through its Digital Onboarding System (DOBS), as demand for online banking services as well as safer and more convenient ways to transact with banks continue to surge. About 492,156 accounts were opened from January to September 2020, including 11,972 for Overseas Filipino Bank accounts—LANDBANK’s digital-only branchless bank subsidiary. “This milestone is a welcome development for the Bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK DOBS, a pioneering web application among Philippine banks, was launched in 2019 with the goal of reducing the account opening time from 30-45 minutes to only 10 minutes. It also simplifies the account enrolment process for individuals and institutional clients. Aside from hassle-free account opening, DOBS also provides automatic enrollment to LANDBANK iAccess for internet banking, the LANDBANK Mobile App for convenient banking transactions through their smartphones, and the LANDBANK Link.BizPortal for payment of bills, products and services to the enrolled merchants in the system. The system also allows existing DOBS account holders to update their information through the system, a move to decongest client visits in Bank’s branches, especially in this time of pandemic. “This is only the start for the Bank’s digitization agenda as we also look forward to streamlining other Bank processes using new technologies such as loan application, among others,” President Borromeo said. For this banking innovation, LANDBANK has been recognized as “Asia’s Most Inclusive Bank” by the Financial Insights Innovation Awards 2019, and was conferred as “Digital Trailblazer in Financial Services” by the Bangko Sentral ng Pilipinas (BSP). Access the DOBS through the LANDBANK’s official website (www.landbank.com) or through the Digital Corner of selected LANDBANK branches dedicated for walk-in clients who wish to access the system. Watch the tutorial video on how to apply thru DOBS via the LANDBANK YouTube Channel (www.youtube.com/c/LANDBANKOfficial) For more information about LANDBANK’s DOBS, clients may contact the nearest open LANDBANK Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.LEARN MORE
Institutional investor wins Premyo Bonds Rewards third-quarter grand prize
(first row) National Treasurer Rosalia V. De Leon (right) and Arden Botanical Estate sales and marketing head Rowena Espiritu (left), award P1 million and a condo unit from Megaworld Corporation to Premyo Bonds Third Quarter Rewards Draw grand winner National Power Corporation (NPC) Provident Fund, represented by NPC Provident Fund Chairman Alexander P. Japon (center). They are joined by (2nd row, left to right) Deputy Treasurer Atty. Erwin D. Sta. Ana, LANDBANK Trust Banking Group First Vice President Lolita M. Almazar, Deputy Treasurer Sharon P. Almanza, and Deputy Treasurer Atty. Gisela F. Lood. The National Power Corporation (NPC) Provident Fund received the cash and non-cash rewards for the “Premyo Bonds Para sa Bayan” (Premyo Bonds) Third Quarter Rewards Draw promo of the Bureau of the Treasury (BTr) and partner institutions. The ceremonial turnover—which was held on October 2 at the Ayuntamiento Building, Intramuros in Manila—was led by National Treasurer Rosalia V. De Leon, Deputy Treasurers Atty. Erwin D. Sta. Ana, Atty. Gisela F. Lood and Sharon P. Almanza, and Land Bank of the Philippines (LANDBANK) Trust Banking Group First Vice President Lolita M. Almazar. They were joined by Rowena Espiritu, sales and marketing head of Arden Botanical Estate, Megaworld Global Estate, Inc. The NPC Provident Fund—which made its Premyo Bond placements through LANDBANK—received a P1-million cash prize and a condominium unit from Megaworld Corporation. The rewards were accepted for the institution by NPC Provident Fund Chairman Alexander P. Japon. The Premyo Bonds are deemed one of the safest and affordable short-term investment products when it was offered from November 25 to December 13, 2019. Issued by the National Government, the bonds were offered at a minimum denomination of P500 with a fixed interest rate per annum of 3%. A Premyo Bond investment of P500 entitles the investor to one raffle ticket. In his video message during the Third Premyo Bonds Draw, Finance Secretary Carlos G. Dominguez urged the raffle winners to reinvest their money in government bonds to help support the nation’s fight against the COVID-19 pandemic. The Premyo Bonds were first offered to the public last year by the National Government through the BTr, with LANDBANK as one of the Joint Lead Issue Managers. Other Joint Issue Managers were private banks BDO Capital and Investment Corp., China Bank Capital Corp., and First Metro Investment Corp. The Issue Managers also served as Selling Agents. Aside from the grand winner, a total of 115 Premyo Bond investors also won cash prizes, including 100 3rd cash reward winners of P20,000 each, and 15 2nd cash reward tier winners of P100,000 each. The Fourth Quarter Rewards Draw for the Premyo Bonds will be held on December 18, 2020.LEARN MORE