New Rise, a Group Savings and Loans Committee (GSLC) established in October 2023, successfully completed its first cycle last March 14. The group currently has 15 members and is dedicated to supporting women in the fishing community of Brgy. 9, Sitio Bagong Sikat, Mamburao, Occidental Mindoro.
Throughout their 6-month cycle, the group accumulated Php 60,000 in total shares, with their total earnings almost reaching Php 10,000. President Marjorie Albufera acknowledged that the path toward their first share-out was challenging, particularly highlighting the issues they encountered with record-keeping. “There were times when we fell short or exceeded the expected amount. In such instances, we would coordinate with the Sustainable Tuna Partnership 2 (STP 2) team for guidance on how to proceed,” she recalled.
Beyond the support provided by the team to streamline their operations, Albufera also expressed appreciation for the guidance their husbands receive through the Tuna Fishers Association, an endeavor the STP 2 team likewise oversees.
Like many other GSLCs, New Rise members dedicated their first round of earnings toward their children’s education and family savings. Others reported that their earnings would go to business operations and boat upkeep. Members are thankful that they can access loans without having to travel to and from banks that are far from their homes.
They also see the efficient system behind having a governing body to look after their finances. New Rise GSLC Key Holder Kate Bauto shared, “Unlike at home where money can be easily spent, here, I am able to save because I do not have direct access to my savings”. She later elaborated that aside from being disciplined, being a member also pushes one to be accountable. “We are compelled to be timely in our payments as we are also accessing other members’ money”, she added.
Establishing and supervising GSLCs is part of WWF-Philippines’ way to support sustainable fishing practices. It, along with other initiatives, is part of the STP 2 project that has its roots way back 2011.
By setting up GSLCs, the team strives to offer fisherfolk a financial cushion during off-peak seasons, allowing them to obtain loans directly within their communities. This approach not only spares them the high interests linked to traditional banking but also gives them a stronger sense of ownership in making their financial decisions. Through GSLCs like New Rise, fisherfolk are encouraged to play active roles that help sustain their community’s economic well-being.
