Riceland Paradise Multi-Purpose Cooperative (RIPAMCO) generates income by offering farmer’s input loans (i.e fertilizers, rice seedlings, etc.) and equipment rentals. They offer input loans to farmers with interest payable after every harvest. They make it this way since not all farmers have the resources to finance their respective farms. Second income generating activity of the cooperative is their equipment rental. The buy machinery and let the members’ use these machines for a fee, still, payable after every harvest with the interest.
They set a very minimal investment amount so that the farmers can easily register to become a member. They targeted the farmers since a majority of the inhabitants of the area are Riceland owners and farmers. Most members of the cooperative are farmers which rely on rice farming, root crops plantation (cassava and corn) and Mango growers.
Cooperative has different types depending on the community they are in. They can be a producer, a consumer or a combination of any of the two or more. So how will a cooperative generate their income? Well, every cooperative or organization has its implementing rules and regulations. Before anyone can be called a cooperative member, he or she must pass their criteria to be called as one.
First, one must be of legal age to join the cooperative. If the individual is under 18 years, he/she must have consent from his/her parents to join. Second, he/she must pay the registration which the cooperative set out during their general assembly meeting. For some, they set a minimum amount to put into their account as the investment. Every cooperative has a different amount set for as an investment (referencing the rules and regulations set by CDA). And this amount will be used to finance whatever projects a cooperative has set with the approval of their members already.
Riceland Paradise Multi-Purpose Cooperative is a combination of both.