The Hundred Thousand Peso House
11 February 2009 at 23:27 Evie 6 comments
Meet Paglaum Multipurpose Cooperative (PMPC), Kiva’s new partner in Plaridel, Misamis Occidental, Philippines.
PMPC Board of Directors & Evie, Kiva Fellow
As a co-op, its clients are members. They contribute savings, take loans, and earn profits as the institution increases its reach and profitability. Since 1982 PMPC has been working in a whole range activities, including microcredit; microinsurance; off-grid solar power; rice harvesting services such as processing, storage, marketing, and trucking; and sponsored preschool through college education for the children of indigent families. The co-op also sponsors a children’s savings plan, to which their parents contribute.
Paglaum Foundation School
The co-op members gather weekly for meetings. A PMPC loan officer goes over news and announcements. The members pledge to honesty and integrity, and the PMPC employees pledge the same in return. Every chapter then breaks into small clusters of half a dozen members, with a cluster leader taking the week’s repayments and counting them aloud so the entire group can hear the member’s name, loan terms, and repayment amount.
PMPC Chapter Meeting
Then the Chapter Leader, along with a group-appointed Treasurer and Auditor, record all this information in a log book and again state it aloud for all the members to hear. Finally the PMPC loan officer performs a verification of the group’s accounting.
Nita Morequio counting repayments
This Chapter Leader, Nita Morequio, is a ten-year member of the co-operative and an overwhelming success story. I asked her whether or not being a member of PMPC had changed her life. She said:
“Before I was a member, I made 50 pesos [$1] a day. My husband caught fish and I sold them. Then I got a loan for a pump-boat. Now I have three pump-boats. I got a motorbike for my husband and have paid off the loan. Now I make enough money every day that I can afford to make my payments on the 100,000 peso loan I got to build my new house. And now I have two kids, and I can send them both to college.”
The Hundred Thousand Peso House
Mr. Morequio and his motorbike
To see all of PMPC’s fundraising loans, click here.
Plaridel, Misamis Occidental, Philippines
Entry filed under: KF7 (Kiva Fellows 7th Class), Paglaum Multipurpose Cooperative (PMPC), Philippines. Tags: .
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3. Charity | 12 February 2009 at 10:25
What a beautiful house! Thank you to you and the Morequios for sharing thier story!
4. Susan Shewan | 12 February 2009 at 09:16
Thanks for letting us know about the difference that microfinance has made in the lives of the Morequio family. It is a wonderful success story and I wish all PMPC borrowers, in fact all Kiva borrowers, the same success. We as Kiva lenders are estatic that we are able to lend assistance to hard working people all over the world and help them help themselves. And we thank you, and all Kiva Fellows, for bringing our borrowers stories to us and spurring us on to make new loans
5. Jan & John | 12 February 2009 at 06:25
Thanks Evie, the photos are wonderful. And it is nice to hear a real success story. We are proud to be Kiva lenders and part of that success.
6. Unilove | 11 February 2009 at 23:48
Thank you for the post and the pictures! Lending to the Philippines is new and exciting!