For years, rice farmer Ricardo Buenaventura faced the harsh reality of limited capital, working tirelessly in the fields without seeing significant improvement in his farm’s productivity and profitability. Despite his hard work, his income was barely enough to meet his family’s daily needs, let alone pursue opportunities for expansion or mechanization.
LANDBANK has helped Ricardo Buenaventura (right photo) achieve better productivity and profitability
Determined to create a better future for his family and fellow farmers facing similar challenges, Ricardo rallied his peers to form the Nagkakaisang Magsasaka Agricultural Primary Multi-Purpose Cooperative (PMPC) in 1992. Starting with just 16 members and Ricardo as their chairman, the cooperative aimed to boost production and income through collective effort.
However, as a fledgling cooperative, securing credit assistance was a formidable challenge. Lenders either turned them away or offered loans with prohibitively high interest rates.
The breakthrough came when the Land Bank of the Philippines (LANDBANK) granted the co-op its first loan of P120,000.00, providing much-needed working capital.
“LANDBANK trusted us even when our cooperative was just starting out. They gave us the chance to strengthen our coop and improve our livelihood,” said Buenaventura.
With LANDBANK’s support, the co-op invested in essential farm machinery and equipment, including hauling trucks and mechanical dryers, significantly improving their production capacity to around 70,000 to 100,000 sacks of rice per cropping season.
Today, the co-op’s cold storage also has a capacity of 60,000 bags of onions, allowing farmers to reduce agricultural losses and improve their income. (IMAGE CREDIT: https://www.landbank.com/news/)
Growing with LANDBANK
The partnership flourished over the years, with LANDBANK increasing its total loan to the cooperative to P1 billion. This substantial funding enabled the co-op to expand its operations, which now encompass re-lending for production financing, rice and agri-inputs trading, diesel retailing, rice milling, onion cold storage rental and trading, and the importation of milled rice and fertilizers.
LANDBANK also financed the construction of warehouses and an onion cold storage facility, further enhancing agricultural productivity.
The cooperative’s membership has grown from 16 to 1,500, including farmers producing rice, onions, and other high-value crops, as well as backyard poultry and livestock raisers, and micro, small, and medium enterprises (MSMEs) like sari-sari store owners.
“By empowering agricultural cooperatives, we are also enhancing small farmers’ access to credit, technology, and other critical resources for growth. We look forward to partnering with more agri co-ops towards increasing productivity and ensuring food security in the country,” said LANDBANK President and CEO Lynette V. Ortiz.
LANDBANK: Uplifting the Lives of Nueva Ecija Farmers
With its fully integrated services, the Nagkakaisang Magsasaka Agricultural PMPC supports its members throughout the entire rice production process, from planting to marketing and distribution. The cooperative finances the purchase of farm inputs for its members and serves as a ready market for their produce, buying wet palay at fair prices.
The cooperative now produces around 70,000 to 100,000 sacks of rice per cropping season under its own brand, distributing rice to consumers in Metro Manila, Quezon City, Marikina, Taguig, Parañaque, Bohol, Pampanga, and Tarlac. Additionally, the co-op is diversifying its operations to provide more support to its onion farmer members, strengthening the local onion value chain.
A portion of the P1-billion LANDBANK loan, amounting to P112 million, was allocated for constructing an onion cold storage facility. This investment has allowed the cooperative’s members to reduce agricultural losses and increase their income, showcasing the transformative impact of sustained support and collaboration.
LANDBANK remains a strong ally of the nation’s rice farmers, and the success story of Ricardo Buenaventura and the Nagkakaisang Magsasaka Agricultural PMPC only helps exemplify the profound change that can occur when financial institutions and agricultural cooperatives work together. Through innovation, determination, and strategic partnerships, they are now paving the way for a more prosperous and resilient agricultural sector in the Philippines.