LANDBANK, CDA lead financial trainings to help small co-ops recover

In partnership with the Cooperative Development Authority (CDA), the Land Bank of the Philippines (LANDBANK) is holding financial literacy trainings to small and micro cooperatives from unbanked and underserved municipalities to aid their recovery under the new normal.

Through the Financial Inclusion Through Cooperatives (FIT-Coop) Program, LANDBANK is capacitating small and micro cooperatives to enhance their business operations while linking them to appropriate government agencies for the improvement of their services.

For the first 10 months of the year, LANDBANK—through the LANDBANK Countryside Development Foundation, Inc. (LCDFI)—has conducted nine financial literacy trainings for 18 cooperatives with 193 members from nine unbanked municipalities nationwide.

“Technical assistance forms part of LANDBANK’s holistic support in service of small and micro cooperatives, especially in unbanked and underserved areas in the country. Together with the CDA, we are focused on building the resiliency of our partner-cooperatives to spur economic activity and fast-track our collective recovery,” said LANDBANK President and CEO Cecilia C. Borromeo.

Through the FIT-COOP Program, LANDBANK and CDA also conducted an online survey early this year to identify the specific training needs and challenges faced by small and micro cooperatives in their daily operations.

Results from Central Visayas and Caraga regions showed that recurring constraints for cooperatives include slow internet access, lack of potable water systems, and difficult road conditions, among others.

To help address these issues, the results of the survey were coordinated with appropriate government agencies for possible development interventions and support.