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MICRO-LENDING FUND - Congressman Luis R. Villafuerte hands over to CRANE Executive Vice President Dr. Dolly Roa-Perez a check for P300,000.00 as additional funding from his PDAF for the Micro-Lending Project of the organization requested by CRANE President Dominador C. Alarkon, Jr. (left) as DTI Provincial Director Edna Tejada through whose office the fund was released looks on. Congressman Villafuerte had previously granted the project P300,000.00 for a total of P600,000.00 now being lent out to CRANE members who have legitimate livelihood undertakings. (Eddie Labao) |
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The establishment of a CRANE foundation that could engage in expanded financial or business operations was urged Friday, March 23 by Congressman Luis R. Villafuerte as he handed the organization another P300,000 check from his Priority Development Assistance Fund (PDAF) for its Micro-Lending Program.
In a simple and brief ceremony at the Villa Caceres Hotel attended by CRANE officers and the DTI provincial staff led by Provincial Director Edna Tejada, Congressman Villafuerte said that it is necessary for CRANE to get into income-generating activities to sustain its various projects intended to help Caramoanons.
The foundation should be apart from CRANE as a socio-civic organization although entirely controlled by the group, Congressman Villafuerte who was a TOYM awardee for investment banking before he entered politics emphasized.
The CRANE Micro-Lending Project was started in July last year when Congressman Villafuerte granted a request by CRANE president Dominador C. Alarkon, Jr. for an initial P300,000 from the solon’s PDAF for bona fide CRANE members. The project has a total capitalization now of P600,000.
In his remarks, Alarkon reported that because of an efficient management system, the CRANE Micro-Lending Project has been able to lend out the total amount of P465,000 with a repayment rate of nearly 90%.
The CRANE president had first created an Income Generating Committee presently chaired by Sofronio Altez with members that included CSSAC Prof. Raul Ruiz, Danilo Sta. Isabel, retired COA auditor Gertrudis Teoxon-Galan and Ms. Wilma Recto-Villegas. Among other functions, it oversees the operations of the lending project. Ms. Villegas was designated project manager.
Borrowers must be evaluated by the committee after they have been certified by CRANE vice president Emma Borebor-Boncacas, chair of the Membership Committee, that they are active CRANE members. Active members are those who have paid their membership fees and annual dues and actively participated in CRANE affairs.
Key CRANE officers present aside from Alarkon included CRANE chairman Atty. Florencio Rosales, CRANE executive vice president Dr. Dolly Roa-Perez and CRANE auditors Ms. Juanita Clement Alarcon and Gertrudis Galan.
