Client Spotlight

As Strong as a Diamond: Lamac Multi-Purpose Cooperative (LMPC)

Featuring Mrs. Esmeralda Nadela and Her Precious Story

Lamac Multi-Purpose Cooperative (LMPC) is a Partner Financial Institution of SEEDFINANCE which started as a local association called “Samahang Nayon” in the year 1973 after the government had conducted orientation training programs to 70 Barangay Lamac residents who were mostly tenant-tillers and small farmers whose problem was to acquire their basic needs and necessities. From a small beginning of 3,500 Philippine pesos initial capital, they had started the operation of consumer-marketing services and the volunteer members ran the organization.

On March 13, 1992 the so called Samahang Nayon was transformed and registered into a full-pledge multi-purpose cooperative. Hence, it became a multi-awarded cooperative with united members as well as competent, committed and credible board of directors, officers and staff.

At present, LMPC is operating with 18 business offices and continues to deliver the desired services to its members. Its main office is situated in Toledo City while the rest are well-scattered throughout the whole province of Cebu with a total of 49,735 savers and 39,901 borrowers as of the year 2011.

LMPC is one of SEEDFINANCE’s partners, which was given a diamond rating which is the highest tiered rank for an institution with outstanding performance, portfolio quality, sustainability and outreach. It is currently and actively involved on different SEEDFINANCE initiatives that will truly guide its members to progress like mobile banking services and online lending scheme.

Esmeralda Nadela is a 46 year old married woman and an active member of Lamac Multi-Purpose Cooperative. Together with her loving husband and 4 children, her family resides in the neighbourhood of Captain Claudio, town of Toledo in Cebu province. She has received a small loan amounting to $293 or 12,000 Philippine pesos through the funds generated from lendwithcare, which is an online lending project partnered by CARE International UK and SEEDFINANCE. She has used the said loan to re-stock her sari-sari or general store business. Esmeralda is now repaying the said loan regularly and is already near on its completion. Because of the financial assistance she has availed, her family is able to increase their total monthly income by 5,000 Philippine pesos. Esmeralda has also bought a small refrigerator that she currently utilizes to keep the drinks and frozen products she sells always chilled.

She has made use of her savings to start a new business venture with her husband. They presently raise a number of cattle in their vacant lot which can serve as another significant source of income for the household. Most of the fully-grown animals are sold to several meat suppliers in the town while others are intended for breeding. Her husband serves as her helping hand in facilitating the daily feeding of cattle and cleaning of the area.

Esmeralda is using both her income in the general store and cattle raising business for the studies of her children. She is very thankful for the major changes happening in her life and she looks forward to have a more progressive way of living through her businesses and since two of her children are now working as clerks in a mall near the town centre. Esmeralda plans to avail a new loan this year to finance her plan of purchasing piglets and other livestock.

Esmeralda is only one of the voluminous clients of LMPC who have received wondrous opportunities because of the organization’s socially-driven initiative towards microfinance service to the community.

For more information about Lamac Multi-Purpose Cooperative, visit its official website at www.lamacmpc.org