Land Bank OKs P2.5-B credit line to coop
The Cebu CFI (Court of First Instance) Community Cooperative will be granted a P2.5 billion credit line by the Land Bank of the Philippines.
The amount can be used for loans to members, said retired Judge Esperanza Garcia, chairperson of the cooperative, who said the agreement with Land Bank for the credit line was signed yesterday.
In a speech, Garcia said she was happy with how the cooperative has grown over the past 41 years.
It started with a capital of only P200 in 1970.
“We thank Land Bank for its full trust and confidence,” she said in a signing ceremony at the CFI Building at the Capitol compound .
Garcia is the mother of Cebu Gov. Gwendolyn Garcia.
Her husband Rep. Pablo Garcia of Cebu’s 2nd district was present in the signing of the Memorandum of Agreement.
The retired judge, said the cooperative has prospered and increased its finances and services to its members.
Gilda Pico, president and chief executive officer of LBP, said the bank was eager to grant the credit to the cooperative as one of its “conduits.”
“Land Bank wouldn’t be successful without our conduits. Our success depends on our conduits. It would help in strengthening our community,” Pico said.
The cooperative started with 29 employees of the Court of First Instance which is now the Regional Trial Court.
Today the cooperative now has 55,000 members and assets amounting to P3.8 billion, said Garcia in her message. /Reporter ADOR VINCENT S. MAYOL
