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Monday, August 07, 2006

Seafarers turn to cooperatives for borrowings


MANILA-Amparo Munariz and her seafarer husband have been members of a cooperative for nearly two decades now and they wouldn't have it any other way.Savings and investment groups like the Magsaysay Employees, Crew and Alottees Developmental Cooperative (Mecadec) that Munariz belong to have given seafarers an alternative to banks for borrowing and growing their money.
The Munariz couple, for one, has relied on from their cooperative to send their children to school, put up a sari-sari store, and pay the down payment for their house and lot in Better Living Subdivision, ParaƱaque.
The 46-year-old Amparo herself was able to graduate from a correspondence school through borrowing from Mecadec.With P20,000 share capital each, they are able to borrow twice every year by alternating as loan borrower.
Another member, Lauro Cabanilla, said he always turned to the cooperative for loans to fund his examinations and licenses since the 1980s.
It’s better than borrowing from usurers, Cabanilla said.Members Noel Abejar, 44, and wife also tapped the cooperative’s credit line to build their new house in Cavite.
As Abejar puts down boxes on the floor, he said they are thinking of borrowing again to opening a market stall near the house they are moving in.
What’s buzzing up these borrowings and financial activities?

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