August 4, 2018, Filed under Press Release

session on MOA with LBP

 

LINGAYEN, Pangasinan—The provincial board in a regular session on July 30 has approved Provincial Resolution No. 1690-2018 which authorized Governor Amado I. Espino III to enter into Memorandum of Agreement with the Land Bank of the Philippines to provide an exclusive credit facility for qualified Provincial Livelihood Assistance Program (PLAP) beneficiaries.

It has been recalled that the provincial government has institutionalized programs to provide opportunities for families and households to increase their income in accordance with its mandate to spur countryside development and reduce poverty in Pangasinan.

Authored by Board Member Salvador Perez, Jr., the resolution partly stated that “the provincial government shall allocate the initial amount of P5 million as a guarantee fund to ensure payment of default ts of loans granted by the LBP.”

Hence, it added that “the provincial government of Pangasinan, cognizant   of this need by its livelihood program beneficiaries for higher capital financing from other financial institutions, will launch and implement a partnership program with the LBP aimed at providing an exclusive credit facility for graduating PLAP beneficiaries.”

The PLAP is a program that is projected to reduce poverty by transforming a community   of self-sufficient individuals particularly women, farmers and would-be entrepreneurs.

PLAP has already assisted more than 200 organizations and micro, small and medium enterprises (MSMEs) since its launching in 2008 under the tenure of former governor and now 5th district Representative Amado T. Espino, Jr.

To date the program is being continued by Gov. ‘Pogi’ Espino and even widen the loan cycle so as to assist more Pangasinenses who are considered as less privilege sector.

“It should be acknowledged that while PLAP has helped the majority of these livelihood beneficiaries vastly improve their economic and social positions, current program constraints in terms of number and amount of loan availments make it difficult for them to build their credit worthiness in such a manner that they are able to leverage their track record to access higher financing for their livelihood projects,” the resolution noted. (Ruby R. Bernardino)

 

 

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