In just a span of four months, 18 young trainees of the Diploma in Agricultural and Biosystems Engineering Technology (DABET) have already saved Php 50, 405.00 in the Saving and Internal Lending Community (SILC) program of the USAID Opportunity 2.0.
Such huge amount manifests the positive behavioral change of the DABET trainees towards saving more, and spending less. Their SILC group, named Agrich, started on July 9, 2024, encouraged members to save weekly from Php 50.00 up to Php 1000.00 which constitutes the main fund that can also be lent to members earning an interest, hence an income to the group.
In SILC, the art of saving is taught to trainees until it becomes a way of their life. Not only that, the informal saving and lending activities were carried out eliminating the hassles of the formal processes of banks or cooperatives which requires many attachments such as ID, forms, proof of income, and the likes.
In a chance interview, Agrich members shared how the saving helped them in their studies, and families. During unexpected delay of allowances from TESDA, the trainees can file a loan application to suffice for their monthly boarding house rentals, foods, fare, projects, among other related expenses. In this, parents can now sigh in relief as the group saving can temporarily offset the immediate needs of the trainees, their children.
Aside from the main fund, the SILC members, as stipulated in their Constitution and By-Laws (CBL), have agreed to contribute in the so-called Social Fund where the group can either give freely or lend an amount without interest to qualified members who faced emergencies like hospitalization and death of an immediate family member.
The social fund revolves in the concept of social cohesion through helping one another, making SILC a “bayanihan” spirit redefined.
The SILC orientation and training of the DABET early of July 2024 was conducted the Catholic Relief Services (CRS), a Non-Governmental Organization (NGO), through its office in Davao City. In the training, nine modules have tackled the operations, mechanism and structure of the said SILC program.
Meanwhile, the weekly savings of Agrich shall continue until December 2024 as the agreed share out schedule.
