The Sugar Industry Foundation, Inc. (SIFI) Responsible Sourcing from Smallholders (RSS) Program introduced a new training elective to agrarian reform beneficiaries organizations (ARBOs) focusing on organizational development. “Husto, Gasto, Gusto” is a financial literacy training that could help address the looming financial crisis brought about by the infestation, drought and sugar prices. The training module was developed in partnership with the Negros Women for Tomorrow Foundation (NWTF) who operates microfinancing known as Dungganon.
Negros Women for Tomorrow Foundation (NWTF), a Bacolod-based non-government organization was founded in 1984 that empowers poor women and families across the Philippines through microfinance, livelihood training, health, and social development programs.
The 1-day training aimed to develop ARBOs capacity in managing their finances as a response to the ever-changing financial situation brought about by situations. A total of 30 ARBOs and 1 planters’ association attended on the first day, while 12 ARBOs and 1 planters’ association joined on the second day.
The training started with an activity where farmers share and compare their financial stability to their respective farm situations. Some ARBOs shared that farmers are at losses now, while others stated that they choose to cut expenses by working in their own farms instead of hiring other laborers.
Then it proceeded with a sharing activity where farmers compare their financial stability to their farm situation.
The next topic presented a series of video clips detailing the 6 stages of financial stability. The ARBOs shared that they are currently almost at Level 1 (Financial Solvency) – which means that their debts and expenses can be covered by their daily incomes.
Next, the financial strengths of each attendee were checked as a preliminary for the budgeting activity. Prioritization and smart budgeting were tackled during this session.
The farmers responded that their savings are deficit now. Their needs, wants, and emergency funds cannot be separated now. However, they learned from the core of financial literacy to adjust to the situation and needs of the cooperative.
The farmers were also introduced to the “Planting of savings”. In this activity, the farmers were advised to put the majority of their savings into the next planting cycle. Some of them placed all of their savings as plant, while some placed their savings to their emergency funds to anticipate age-related concerns. The participants realized the difficulty of dividing the income when people have various priorities.
Towards the end of the training, the ARBOs shared their realizations on the importance of savings and how allocation of savings should be practiced.
With Reports from SIFI-RSS Program Coordinator Orland Solis
