Coop to Launch Banking Project

Makilala, Cotabato - The Holy Family Multipurpose Coop here had decided to launch a rice banking project in lieu of deteriorating priorities of the general public on savings, the Holy Family MPC disclosed here last week during a meeting with its organizers.

The project aims to inculcate among members and non-members the value of saving forrice and not on luxuries, Mrs. Anita Tuba and Dodong Ibanez, coop organizers said.Mrs. Anita Tuba, Operations Officer said that their study shows that members and thegeneral public nowadays have preferred to save on luxuries than on basic needs, Mrs.Tuba said.

She said that last month they conducted a study in their store and carefully noted that members and the general public preferred to buy cell phones, loads, digi-cams and motorcycles than saving on rice for their basic consumption.

About 25 members who were observed who came in to buy rice were on motorcycles bought only between 3-5 kilos of rice for their consumption. A kilo of rice cost only about Php 30.00 well milled rice and Masipag, the most popular costs only about Php35/kilo Jasmine and 7 tonner costs only Php 36/kilo.

Of the 25 members who bought rice only 1 bought about 25 kilos of rice.The observation and study also showed that members have better cell phones and preferred to save on loads for their families, the Holy Family MPC said.

In the whole Province of Cotabato the HFMPC has noted that motorcycles haveproliferated as if motorcycles are no longer luxuries but a basic commodity to be bought. With four thousand pesos or more one can buy a motorcycle now on instalment basis, theHFMPC said. A monthly instalment of Php 2500 to 3,000 .00 can be paid per month. If motorcycles are not paid they can be repossessed by the distributor and the buyer is leftas if he is only renting it.

If repossessed, one can just apply for another unit in the other distributors around theProvince or in the City of Kidapawan the HFMPC said.

The proliferation of luxury items here in the Province of Cotabato is making it difficult for cooperatives to educate their members as to the real needs of the people as luxuries compete with good values, the HFPMC said. Right now, Mrs Tuba added that luxuries have become status symbol.

Young children, it is observed, are possessing cell phones and other luxuries instead of being taught to save money for their future.

Many coops here have instituted in their operations the value of savings and thrift among members and among the youth, Cotabato Watch has noted.