Teresita A. is from the village of Usocan. She is 52 years old. Teresita is married and has two adult children. Teresita operates a fishing business. The main source of income for the business comes primarily from harvesting and selling ocean-caught fish in the local community. Teresita has been engaged in her business for more than 10 years and earns approximately 2,800 Philippine pesos (about $58) a month for these activities.
In 2000, Teresita joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Teresita has successfully repaid a previous loan of 10,000 PHP from PMPC. This previous loan was used to to purchase fishing equipment, including hooks and nets. Teresita is requesting a new loan of 15,000 PHP, which will be used to invest in expanding the business. This will be the 10th loan taken out by Teresita from PMPC. She plans to use the additional revenue generated from the business to improve the general living conditions of her family.
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.