Bonifacio is from the village of Centro Napu, Tudela, Misamis Occidental. He is 54 years old, married and has three school-aged children. To make a living, Bonifacio runs a business venture in which he makes furniture.
Bonifacio has been engaged in his business for 10 years and earns approximately 10,000 Philippines pesos (PHP) a month from it. Bonifacio joined PMPC in 2008 to gain access to financial services to help improve his living situation and ability to engage in business activities. He has successfully repaid a previous loan of 42,000 PHP from PMPC.
Bonifacio is requesting a new loan of 50,000 PHP, which he will use to repair a transport vehicle used in delivering orders to his customer. This loan will be the third loan taken out by Bonifacio from PMPC. He plans to use the additional revenue generated from the business to improve/expand his business.
Paglaum Multi-Purpose Cooperative (PMPC) is one of the most progressive cooperatives in northwestern Mindanao. It reaches out to the rural poor using the Grameen model.
Note: To maximize efficiency and reduce costs, this loan was posted using a template to automate the translation by Kiva. Given that manual translation of entrepreneur profiles is costly, Kiva created this template for our Field Partner to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.
About Paglaum Multi-Purpose Cooperative
Paglaum Multi-Purpose Cooperative (PMPC) was founded in 1992 by the beneficiaries, parents and staff of the Paglaum Community Development Foundation to address economic and livelihood activities for sustainability. The organization operates in the northwestern provinces of Mindanao and Visayas.
In the local vernacular, “paglaum” means “hope.” The initial foundation is dedicated to child development through a holistic approach. The goal is to build self-reliance and expand opportunity so the poorest of the poor can help themselves.