Poverty Alleviation Funds Released to Cooperatives Now at 9M

August 11, 2009
by: striker_jem

Butuan – The administration of Mayor Democrito D. Plaza II already released through the City Cooperative Office close to 9 million pesos from its Poverty Alleviation Funds.

The funds benefited 56 barangays in the city intended to finance their livelihood projects with no interest.

According to City Cooperative Chief Mario Maputi, the P8,850,000 released as loans to different cooperatives in Butuan City was able to fund a fertilizer business to farmers, hog fattening, Bigasan Bayan, hollow block making and the establishment of sari-sari stores.

The project aims to recognize cooperatives who have partnered with the local government of Butuan to implement livelihoods purposely for poverty alleviation and people empowerment benefiting not only members but to the whole community as well.

Meanwhile, the City Cooperative Office continue to process documents from other cooperatives who wished to avail of the Poverty Alleviation Fund with the hope, that the program covers all 86 barangays in the city.

City Cooperative chief urged the people of Butuan to organize a cooperative and register with the CDA as a prerequisite in availing of the program and advise members to make full use of the cooperatives as their vehicle in attaining economic growth.

Mr. Maputi also stressed, the cooperatives granted with loans were then closely monitored by the city government to ensure funds are used purposely with the project submitted as approved by the City Cooperative Office.