PEF and Mahintana conduct SOLARES Financial Management Assessment and Monitoring

The SOLARES team composed of Ms. Grace B. Miguel, SOLARES Project Bookkeeper and Mr. Stefan H. Babera, PEF Livelihood Project Officer visited the partner MFIs and POs in the SOLARES covered municipalities in Sultan Kudarat and Sarangani Province to conduct a financial management assessment and monitoring on December 17-19, 2019.

The first partner visited was the Kalamansig Farmers Agricultural Development and Marketing Association (KFADMA), formerly the Kalamansig Coffee Industry Development Council (KCOINDECO), located in Brgy. Sta Clara, Kalamansig, Sultan Kudarat. The team discussed with key officers headed by Mr. Fernando Saycon, KFADMA President. As of today, the association has registered with the Department of Labor and Employment (DOLE) and the Bureau of Internal Revenue (BIR).

On December 18, the team visited the office of Ms. Maria Magdalena Ruiz, Loan Officer of Bacbacan Multi-purpose Cooperative located in Poblacion, Lebak, Sultan Kudarat. The team gathered information regarding the financial management system of the cooperative which was fairly established and were closely monitored by MICOOP Area Officers. The system can generate updated financial reports which makes their credit and saving operation easier. With regards to the training needs of the cooperative, they want an in depth analysis and understanding of the financial reports so as to capacitate their staff in interpreting the figures in the report for faster decision making.

The team proceeded to Brgy. Keytodac in Lebak, Sultan Kudarat. The team was welcomed by the association officers headed by Mr. Arnel Butron, the association’s president. They are practicing the traditional financial recording but is maintaining a revolving fund with a higher amount because their geographic setting is far from the bank and it is costly for them to regularly go.

The following day, December 19, the team proceeded to Kiamba in Sarangani Province to visit Kiamba Micro Entrepreneurs Multi-purpose Cooperative (KIMEMCO). The team talked with Mrs. Jane Rojas, BOD Chairperson, Ms. Amaya Albaran, Bookkeeper. The cooperative also maintains a financial recording and reporting system for their credit and savings. Ms. Albaran also gave a demo on how to use the existing system particularly on updating of financial reports and status of credit of borrowers. The team went to Maasim, Sarangani Province to visit Sta. Cruz Multi-purpose Cooperative and they met with Mrs. Juvelyn Besin, Loan Officer of the cooperative.

Overall, the MFIs/cooperatives’ financial recording and management is in place with the help of installed systems in operations and report generation are easier for them. However, cooperatives will have to further improve their skills in interpreting and analyzing financial reports to aid in their decision-making.