The Development Bank of the Philippines (DBP) has approved the recommendation of the Mindanao Development Authority (MinDA) to open an ATM in Malabang, Lanao del Sur.
DBP President Emmanuel Herbosa also announced that the bank is ready to extend production loans to Cassava farmers affiliated with the Matling Industrial Commercial Corp. in Mataling, Malabang.
The approval of MinDA’s twin recommendations came after a series of meetings between MinDA, DBP, MICC officials and Cassava farmers’ groups, the latest of which was yesterday.
This is a welcome development as people in this poor farming community have to travel for at least two hours to reach the nearest bank.
The nearest banks are in Pagadian City or Cotabato City.
Cassava farmers are forced to encash their checks paud to them by MICC with money changers and financiers who charge exorbitant fees.
DBP is also offering low interest rates to Matling Corp. for the loan for their 8,000-hectare expansion program which will cover at least 5 towns of Lanao del Sur.
With the establishment of the ATM in the MICC Compound and the opening of the production loan program, MinDA expects bigger economic activities which could address poverty in the province which is one of the poorest in the country.
MinDA will coordinate with the Western Mindanao Command of the Armed Forces of the Philippines to provide security support to the ATM Project in Malabang.
The establishment of the ATM in Malabang is also expected to benefit other nearby towns of Kapatagan, Balabagan, Picong, Tukuran, Calanogas and Pualas.
#KungGustoMaramingParaan!
#FutureBelongsToTheBrave!
#GovernanceIsCommonSense!
(Photo of the final ZOOM meeting between MinDA staff led by Policy Division Chief Melot Ginete, DBP officers and MICC officials. Photo of DBP President Emmanuel Herbosa and DBP logo were downloaded from public websites.)
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