MALABANG, Lanao del Sur - One of Mindanao's oldest agricultural companies established in the 1900s by American Thomasites, and two municipalities in Lanao del Sur were connected to the banking network for the first time yesterday with the installation of three automated teller machines (ATM) by the Development Bank of the Philippines (DBP).
DBP President Emmanuel Herbosa, Mindanao Development Authority (MinDA) Secretary Emmanuel F. Piñol, signed a Memorandum of Agreement with the mayors of Balabagan and Malabang, Lanao del Sur, and officials of the Matling Industrial Commercial Corporation (MICC).
The establishment of the ATM was the culmination of the effort of MinDa to address the problems of cassava farmers and the residents of several towns who had to travel for about 100 kilometers to either Pagadian City or Cotabato City for their bank transactions.
Farmers who were paid by MICC with checks had these rediscounted with money exchange outlets in the area who charged a 5% transaction fee.
When the mayors of Malabang and Balabagan, Mohammad Yahya Macapodi and Dr. Edna Ogka-Benito, respectively, knew about the efforts to establish an ATM in the MICC, they submitted resolutions that separate ATMs be installed in their municipalities.
The mayors hailed the immediate action of DBP and the help of MinDA to the realization of their request.
"I actually talked to two previous presidents about this problem and nothing happened. It is only now under this administration that we finally have this," MICC-CEO Alex Mancilla said.
Mancilla said there were attempts in the past to establish bank branches in Malabang but all of these failed.
"One bank opened in the 1990s and after three days, it closed. Land Bank of the Philippines operated for three months, then they left," he said.
Ace Mancilla-Gaccad, chief operations officer of MICC, said she never believed her dream of a banking facility in the area to help their farmer-producers and the company as well would ever come true.
The actual work on the ATM project was started late last year but the actual site inspection was done in August at the height of the Covid-19 pandemic.
The
Western Command under Lt. Gen. Corleto Vinluan, and the Philippine National
Police under Brig. Gen. Samuel Rodriguez, along with the Philippine Marines,
provided security support.
The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) through the Office of the Chief Minister, Ahod Murad Ebrahim, was also engaged in the project. (LGU-LANAO DEL SUR, MINDANAO EXPOSE’)
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