BANKING NETWORK. Mindanao Development Authority (MinDA) Emmanuel Piñol (far right), along with Development Bank of the Philippines (DBP) president Emmanuel Herbosa (2nd from right) and officials of the Matling Industrial Commercial Corporation (MICC) show the signed memorandum of agreement on the installation of automated teller machines (ATM) in their company on Thursday (Dec. 3, 2020). Piñol also assured that the police and the military would help in providing security to those that would the ATMs. (Photo courtesy of MinDA)
DAVAO CITY – Two municipalities and one of Mindanao's oldest agricultural companies established in the 1900s in Lanao del Sur were connected to the banking network for the first time on Thursday, with the installation of three Automated Teller Machines (ATM) by the Development Bank of the Philippines (DBP).
In a statement from the Mindanao Development Authority, DBP president Emmanuel Herbosa, along with officials of MinDA, signed a memorandum of agreement with the mayors of Balabagan and Malabang, Lanao del Sur, and officials of the Matling Industrial Commercial Corporation (MICC).
MICC, established in the 1900s by a member of the American Thomasites, Ralph Edmund Spencer, processes cassava starch from cassava produced by the company and the farmers in several towns of Lanao del Sur.
As to the safety of those accessing the ATM's, Secretary Emmanuel Piñol also assured that the Western Command under Lt. Gen. Corleto Vinluan and the Philippine National Police (PNP) under Brig. Gen. Samuel Rodriguez was engaged, along with the Philippine Marines, to provide security support.
“The establishment of the ATMs yesterday was the culmination of the effort of the 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,” Piñol said.
He said farmers who were paid by MICC with checks had these rediscounted with money exchange outlets in the area who charged a 5 percent transaction fee.
“Last year, when I visited MICC, this problem was brought to my attention, and immediately a team was formed to work on the proposal to establish either a branch of DBP or at least an ATM in the area,” he added.
The mayors hailed the immediate action of DBP and the help of MinDA which resulted in the establishment of the ATMs both installed inside the municipal building.
"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," Piñol said, quoting MICC chief executive officer Alex Mancilla as saying.
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 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.
Piñol added that the actual work on the ATM project started late last year but the actual site inspection was done in August at the height of the coronavirus disease pandemic. (PNA)
