| Urnong Mo Tulong Mo (UMTM) |
 |
 |
 |
|
Urnong Mo Tulong Mo (UMTM) is a microfinance project being operated and managed by officers of Bannuar ti La Union-Naguiilian Chapter. It was founded in September 4, 2004 with the help of Kanlungan Center Foundation’s Local Economy Development Project. It is a unique microfinance project in that it is being operated and managed by migrant workers and their families, and is being supported by OFWs from Hong Kong, Taiwan and Singapore. The project had its seventh General Assembly last January 23, 2010 at the Marian Center in Barangay Angin, Naguillian, La Union. Now on its 8th year, it started with a share capital of Php13,500 in 2004, raised from contributions of members. It went through a slow but sure process of growing and by 2009 had a total capital of Php998,368.39, only a few hundreds shy of its 1 million target. Don Baga, Kanlungan coordinator for the Local Economy Development Project is calling on members of Bannuar and other interested investors to put their money into the project. UMTM has opened its membership to include non-Bannuar members. Collateralized loans have also been recently made available but these will strictly be for business only. |