GLIC Makes Loan to Philippine Weaving Operation
Diocesan Press Service. August 15, 1975 [75282]
BAGUIO CITY, The Philippines -- The Ghetto Loan and Investment Committee (GLIC) of the Executive Council of the Episcopal Church has made a $25,000 loan to the Diocese of Central Philippines to be used for the expansion of the facilities of the Easter School Weaving Room.
This marks the first time GLIC, which was established in 1968 by the Council, has provided funds for an enterprise outside the U.S. and for a diocese of the Church.
Established in 1908, the Easter School Weaving Room employs more than 80 women who produce a quality line of linens and clothing. The total cost of the expansion project is $30,000, of which amount the diocese has $5,000 in hand.
The Easter School Weaving Room, out of its income, gives sizable sums each year to the Diocese of Central Philippines and to Easter School, a separate institution for the education of Igorot boys and girls. Originally the Weaving Room was the vocational department of the Easter School.
The loan, with interest at the rate of 5 percent per annum, is to be amortized at the rate of $5, 000 per year for five years.
On behalf of Bishop Benito C. Cabanban of Central Philippines, diocesan consultant William C. Councell said, "This loan will enable Easter School Weaving Room to enlarge their building so that they can double their weavers, thereby increasing their production to meet present demands for their unique products."
GLIC chairman Charles F. Bound, New York City, wrote to Bishop Cabanban, "All your many friends at the Episcopal Center are very enthusiastic about the Easter Weaving Room and what it is achieving and congratulate you and your associates."