In our bid to serve you better and in compliance with the Memorandum Circular (MC) 14 of the SEC (Rules and Regulations Governing Crowdfunding), FarmOn is currently undergoing a major restructuring. In view of this, there will be significant changes in the platform, business model, communication channels, website, including rules and regulations. In doing so, we would like to assure you, as what we have always done in the past, a better FarmOner’s experience. With the upcoming upgrade, we anticipate a more responsive, effective and more holistic approach in uplifting the agriculture industry and the marginalized community.
As we launch version 3.0, FarmOn will now become a crowdfunding intermediary that will serve as an investment portal that will bridge the investors to the issuers (project proponents). The website, which we hope to upgrade on January 7, 2020, will showcase the various promising projects that possess great potentials. By then, FarmOn will no longer be involved in the operations of the issuers but we would like to assure you that we have partnered with the most trusted associations, cooperatives, institutions, and businesses. We want to maximize your investments and to deliver only the best services. As we advance towards the new FarmOn, here are the inevitable changes that we have to make:
• FarmOn version 3.0: FarmOn 1.0 active products and FarmOn 2.0 active units will continue until the end of their contract/invoice. Once the return becomes available, all ACTIVE FarmOn accounts will be converted to FarmOn 3.0 for FREE.
• Registration Fee: There will be a one-time registration fee of Php500.00 for all Cooperative projects. For other non-cooperative projects, the registration fee is P100.
• Closure of Account: In order for us to better serve the active members, we need to unclog the database, the system and the back support. In FarmOn 3.0, therefore, any account that has no active project and has a zero balance will be marked INACTIVE and will be delisted. To reactivate the account, the member has to pay the registration fee again.
• Withdrawal Fee: Again, since the portal will now just be an intermediary, a service fee of Php50.00 will be charged in every withdrawal request on top of the service fee being collected by the remittance center or bank of your choice. The fee will be used to cover the cost incurred during withdrawals and remittances. Withdrawals, however, will be made more accessible because requests may now be done on any working day and processing time will just be 3 – 5 working days after the request is made. As usual, withdrawals may be done through BDO, PNB, Security Bank and Western Union. Additional money transfers (Western Union) surcharges will be respectfully shouldered by the FarmOners.
Important Notice: Under our current policy, withdrawals may be done only during the first 10 days of the month, hence no withdrawals may be done until next year. We will, however, temporarily suspend new withdrawal requests until the release of FarmOn 3.0 to give way for the transition. Please take note that ONLY NEW WITHDRAWAL REQUESTS will be affected, therefore, those who have requested for withdrawal this month and was approved will not be affected, meaning that they will receive their returns as scheduled. After the launching of FarmOn 3.0, however, the new policy will be adopted, hence, withdrawals may now be done anytime.
• Legal & Research: To protect the interest of the investors, we will see to it that all issuers are legitimate, that they have the potential to earn and that a legal and binding agreement is done prior to the start of each project. Specifically, we will do background checks and investigations and will conduct due diligence to make sure that all issuers will meet the exacting requirements. Feasibility studies may be conducted prior to the start of each project. FarmOn will also closely monitor the execution of each project. Investors will be updated before, during, and immediately after each project.
• Return of Investment (ROI): As an intermediary, we can no longer provide expected ROIs but since we will be conducting studies prior to opening a project for funding, we will make it a point that only projects that could potentially earn a decent income and with manageable risk will be considered.
We anticipate the launching of FarmOn 3.0 on January 7, 2020. ALL OF THE CHANGES will take effect as soon as the new version is launched. This means, therefore, that as of this moment and up until January 6, 2020 or the launching of FarmOn 3.0, the old rules, policies and procedures are still in place.
For more details, we will be updating the FAQ section of the website and we will also be uploading videos on youtube so please subscribe.
Thank you and we invite you to join us in moving forward towards a better crowdfunding community.