P3.5M for Makati coops

A total of P3.5 million has been allocated by the Makati City government for its livelihood loan assistance program to registered cooperatives in the city.

Mayor Jejomar Binay said that under the program, cooperatives can apply for a livelihood loan to be used to finance their small business at low interest rates.

Each cooperative member can avail of up to a maximum loan of P150,000 based on their project proposal submitted.

"At this time of economic difficulties, we will encourage initiatives by school and community-based associations to generate additional income for their members and their community," Binay explained.

Jeremias Oliman, chief of the Makati Cooperative Development Office, said that they have a total of 30 registered cooperatives; 11 are school multi-purpose cooperatives while 19 are barangay-based cooperatives.