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13 ASSESSMENT OF FINANCIAL MANAGEMENT OF RICE FARMERS IN MONTEVISTA

DAVAO DE ORO

12 A Thesis Presented to

The Thesis Committee

Department of Business Education

UM Tagum College, Tagum City

In Partial Fulfillment Of the

Requirements for the Degree of

Bachelor of Science in Business Administration

Major in Financial Management

KRIZEL JOY T. CEZAR

RESALYN H. GASPAR

CHRISTINE L. REPALDA

SEPTEMBER 2024

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Introduction

Effective financial management is typically a challenge for rice producers,

43 especially those in underdeveloped nations. A study conducted by Dlamini et al. (2020,)

found that smallholder rice farmers' financial instability is largely caused by their lack of

75 access to formal financial services and inadequate financial literacy. This frequently

results in inadequate cash flow management, a dependence on unofficial borrowing that

can exacerbate debt cycles, and an unwillingness to invest in better farming technologies.

23 According to Abu et al. (2024, p.1174), financial management is a part of daily life for new

employees and is influenced by a person's lifestyle and level of financial literacy.

According to study on the labor sector, people who have financial challenges tend to make

poor financial plans, which causes their earnings to deplete quickly (Surwanti et al., 2024,

30 p. 3). Furthermore, employees' everyday decisions are impacted by a lack of financial

management skills, which can result in persistent debt that is difficult to pay back and

create long-term financial instability (Zalzabilah, Goso, Duriani, 2024, p. 2176). This

illustrates how someone with little financial literacy finds it challenging to comprehend the

internal operations of government budgets and institutions such as the pension system

and social security, or the worth of future benefits (Lusardi & Messy, 2023, p. 3).

The process of making decisions resource allocation, and general sustainability are

all impacted by financial management, which is a crucial component of organizational

59 success. Small and medium-sized businesses (SMEs) have gaps in the actual

implementation of financial management concepts, according to Parroha and Johnson

(1998, p.45-47) SMEs frequently struggle to maintain financial discipline, which leads to

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inefficiencies in capital structure, liquidity management, and operational

performance this is the fundamental issue.

Financial Management is important, especially for those who work, considering the

65 growing amounts of personal debt and the increased focus on personal responsibility for

63 financial planning. (Sabri, M. F., Wijekoon, R., & Rahim, H. A. 2020, p. 899). This area of

research touches on worker means, economic stability, and successful strategies.

23 According to Abu et al. (2024, p. 1174–1175), financial management is a part of daily life,

66 and a person's financial health is influenced by their lifestyle and level of financial literacy.

A person's manner of life, including their time and money management techniques, may

be referred to as their lifestyle (Abdul, 2023, p. 549). Any decision in the present

competitive climate can be considered finished unless all the financial consequences have

been thoroughly examined and taken into account (Sharma & Mittal 2023, p. 5).

Farmers must participate in a constant cycle of buying and selling items in order to

support their daily operations. This cycle entails producing , delivering, and billing goods

or services after a cash investment. Effective cash flow management is just as important

as profitability since bad cash management can make it more difficult for a company to

continue operating even when it makes money. Businesses must reduce the difference

between cash input and outflow in order to preserve liquidity and operational stability,

according to Poonkulali Thangavelu (2020, p. 8–9). Even in profitable businesses,

ineffective cash flow management can result in financial difficulties.

Convincing small farmers to take chances with modern farming is one of the

difficulties the government faces because they are accustomed to traditional farming

methods, which typically provide subpar harvests. Farmers are deficient in fundamental

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2 farming skills. There are many who lack formal education or who can only read and write

simple words and figures. Second, quality seeds, insecticides, and fertilizers are imported

from other nations, making them prohibitively expensive and out of reach for the average

farmer. Third, farmers lack adequate infrastructure that the government has created.

Fourth, the land that farmers till is not owned by the majority of them. Their inability to

make the most of the land leads to minimal revenue. Low-income farmers prioritize their

family's necessities and pay off their debts with a positive attitude and behavior.

68 Additionally, it was shown that there is a good relationship between income

distribution about family needs and debt repayment and financial literacy about attitude

30 and conduct. To help these farmers manage their finances and make decisions that

support their family's stability, well-being, and financial sufficiency, it is advised that they

30 be given the information, self-assurance, and necessary skills (Sanglay, Apat et al., 2021

p.1).Furthermore, the majority of farmers don't have any additional revenue while the rice

is growing and vegetating. Fifth, farmers struggle to finance their farming operations due

to exorbitant borrowing institution rates. Additionally, they have nothing left over after

harvest because the selling proceeds are just sufficient to cover their debts. Sixth, farmers

are vulnerable to middlemen who exploit their vulnerabilities. The intermediary purchases

their goods for a very low price (Sanglay, Apat et al.,2021, P. 3-4).

51
71 In the context of agri-SMEs, the importance of financial management methods is

51 widely known in the literature. Agri-SMEs use these practices to properly manage their

finances by utilizing various tactics and procedures. They are essential to the financial

19 performance of these businesses because they help them plan and manage their finances,

analyze their financial performance, and make well-informed financial decisions (Hunjra

et al., 2012; Mang’ana et al., 2022; Sooriyakumaran et al., 2022). Mang’na et al. (2022).

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They contend that allowing SMEs in developing nations to implement Financial

Management Practices (FMP) is a practical means of improving their operations. In order

19 to improve the accuracy and efficiency of financial accounting, reporting, budgeting, and

other related tasks—and ultimately improve the performance of SMEs—standardized

procedures known as FMP are used. Rice farmers must efficiently manage their finances

by making choices that support family stability, financial sufficiency, and well-being.

Financially literate people make wise financial choices that may have an effect on the

farming industry. When finances are managed properly, savings, expenses, and other

crises are handled with ease. The universities and colleges may do this by organizing joint

events like revenue management seminars and trainings. These kinds of activities, which

4 are a part of extension programs, give farmers the fundamental knowledge and abilities

they need to make wise financial decisions and save money. Similarly, in order to help the

Filipino farmers build a better community, local government units and barangays could

work together to implement livelihood and crop management programs.

Farmers who want to cultivate rice can obtain the resources they require by applying for

14 credit from financial institutions. According to Yuni et al. (2022, p. 25), this can contribute

to the sustainability of rice cultivation by guaranteeing that farmers have the financial

means to invest in upgrades and maintain their crops. Tax incentives or direct payments

are two ways that governments might support rice growers. This can support the industry's

sustainability and increase rice farming's economic viability Yuni et al. (2022, p. 25).

Research and development in rice cultivation can also be funded with financial assistance.

This can involve making investments in novel farming techniques, crop varieties, and

technology that can assist raise yields and lessen the negative environmental effects of

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rice cultivation. According to Kumar et al. (2022, p. 25), rice farmers can enhance their

marketing abilities and gain access to marketplaces with the aid of financial assistance.

In the long run, this could make rice farming more sustainable by increasing its profitability.

14 There are other ways to teach rice cultivation, such as farmer field schools, workshops,

extension services, and internet resources (Yuni et al., 2022, p. 28). These channels give

14 farmers access to the most recent data and best practices for growing rice, as well as a

chance to communicate and exchange ideas with other farmers. One of the most

important aspects of sustainable rice production is rice farming education. It equips

farmers with the information and abilities they need to boost output, cut expenses, and

enhance their earnings.

31 This study anchored to Peeking Order Theory suggested by Myer and Majluf (1984)

31 to explain how firms seek financing. A firm will first use internal funds, then debt issuance,

42 and finally equity issuance. Myers and Majluf (1984) indicate how outside investors

properly discount a company's stock price when management issue equity rather than

46 risk-free financing. Managers stay clear of issuing equity wherever they can to avoid

46 investors using this strategy. Their model predicts the same outcomes as previously

45 described, specifically that managers chose internal money first, followed by risky debts,

and lastly equity. In the absence of investment alternatives, businesses save their

35 earnings in order to prevent future requests for outside funding. According to Noor

et al. (2015), Otekunrin et al. (2018), Effiong and Ekpoese (2020), and Lizarazo

et al. (2022), The study used the pecking order theory to assess the capacity of Kwara

State's rice farmers to finance their output on their own, without the assistance of outside

5 funding sources, and to determine if they had access to microcredit facilities. The idea

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states that businesses would rather finance their operations internally than by seeking

outside funding; however, when internal resources are depleted, businesses may turn to

debt and, as a last resort, equity. The idea states that investors may choose from a ranking

of several sources of funding when making investment decisions. According to the notion,

investors can obtain credit for their investments from two primary sources. Both internal

and external sources are involved.

5 According to this study, from the perspective of Kwara State rice farmers, loan can

be obtained legally or informally from outside sources if farmers' savings from prior harvest

5 profits are insufficient to cover output turnover in the current cropping season. The

5 sources, availability, and costs of credit all affect rice farmers' ability to get the loans

needed for this purpose.

According to Porter and Garman’s (1993, p. 66) the indicators that are used to

72 measure the dependent variable, which is the financial management consist of the

49 following: (1) cash management, (2)credit management, (3)capital accumulation, (4)risk

management, (5)retirement/estate planning, and (6)general management. Financial

7 management is defined as in other studies that is as a set of behavioral indicators, with

emphasis on multi-dimensional measures. Therefore, a collection of actions taken in

7 relation to the planning, carrying out, and assessing of cash, credit, investments,

insurance, retirement, and estate planning constitutes financial management. (Deacon &

Firebaugh, 1998; Godwin, 1994; Godwin & Koonce, 1992, p. 14).

Firstly, Cash management is widely regarded as a strategic process of tracking,

evaluating, and optimizing an individual's, company's, or organization's cash flows. It

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entails keeping enough cash on hand to cover obligations while making the most of extra

money to save expenses or produce returns (Salamah 2023 p. 21).

10 Secondly, credit management enables loan providers to account for loan seekers’

10 financial condition and paying capacity. Further, it is expected that it would account for the

current value of the collateral and its reliability, as well as borrowers’ and facility-related

characteristics influencing the collection of loan principal and interest (Mburu, Mwangi &

Muathe, 2020, p. 225).

Thirdly, Workplace capital accumulation may have significant effects on long-term

growth and the income gap between wealthy and developing nations. Since the primary

44 factor influencing output per capita is output per worker, if workers see an increase in their

24 earnings as a result of greater returns to experience in their economy, monitoring the

24 development of these returns over time may yield important insights into developing

24 economies' potential to eventually catch up to developed economies' income levels (Remi

Jedwab, Paul Romer, Asif Islam and Roberto Samaniego 2021, p. 2).

39 Fourthly, risk management involves assessing and controlling these risk events in

order to minimize or completely eradicate the occurrence and influence of adverse effects

and encourage favorable ones. Project management and control are harder as risk

3 increases (Bahamid, R.A., et.al., 2022 p. 2-13). Risk management in agriculture has

become more important unlike before, most especially for mechanized or modern farms

3 which can no longer rely upon family labor, their own land and equity capital. Farmers

have to develop risk management strategies to cope with those adverse events and

sometimes may require government intervention when the risk is beyond their control.

Hence, in agriculture it is extremely important to evaluate and manage agricultural risks

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and to select the best management methods to adopt. The understanding of the

information on risks in agricultural production and the knowledge of the management

strategies to adopt is key to profitable production.

37 Fifthly, retirement and estate planning, retirement is the process of first determining

one's post-retirement goals and then making the necessary choices to achieve them with

supported financial resources. It entails making plans for living after one's employment

ceases to support him. It entails figuring out the sources of income throughout one's

working years and how to use them appropriately once one retires. It is a method of risk

and asset management (Ganguly, A., Prakash 2023 p. 3). Retirement planning ensures

individuals can maintain a comfortable lifestyle during retirement by carefully managing

savings and income sources. Together, these components form a comprehensive

financial plan tailored to individual circumstances, promoting financial stability and long-

term prosperity.

And lastly general management, since numerous studies have demonstrated that

corporate social responsibility (CSR) greatly enhances organizational performance,

general management of large industrial companies cannot overlook CSR when assessing

environmental performance (Long et al., 2020; Orazalin, 2020 p. 18). General managers'

choices affect employees' positions, responsibilities, and opportunities for professional

growth. General management fosters a happy and healthy work environment by

implementing policies that support professional progression and work-life balance.

Employees may understand expectations, feel valued, and take part in continuous

development when general managers communicate well and offer constructive feedback.

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In essence, by affecting the complete work experience, general management raises

employees' productivity, job happiness, and professional development.

55 According to Ida and Cinthia Yohana Dwinta (2010, p. 639), They stated that

personal financial obligations concerning how to handle their funds are the focus of

financial management. Making financial asset supplies, having a check on all spending,

creating budgets, paying off debt, starting savings programs, and borrowing money to

acquire assets with potential are the six processes in asset management over finance.

Olomola and Gyimah-Brempong (2014) attributed the agricultural sector's poor production

70
64 to the subsistence nature of farming and the scarcity of financing. The focus of this study

is on the impact of funding on smallholder rice farmers' technical efficiency, which has

received very little attention. This study's main objective is to evaluate smallholder rice

farmers' funding gaps in relation to their production frontier. Additionally, it looks at the

demographic variable that affect rice farmers agriculture production inefficiencies.

1 This study found that it is not an easy thing, considering that the main problem faced

by farmers is their lack of knowledge in financial management, therefore efforts to force

them to manage limited funds through the use of financial products and services are

becoming a problem. For this reason, a deep understanding of farmer behavior in

managing their finances, as well as their interest in being included in formal financial

institutions needs to be formulated. In addition, various obstacles that may arise need to

be optimally collaborated so that a comprehensive strategy can be formulated to increase

farmers' interest in using the products or services of formal financial institutions, as a basis

4 for increasing financial inclusion. As well as rice farmers will learn about financial

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management practices such as budgeting and saving, debt management, investment

planning, and risk management. These skills will help them to improve their financial well-

being and achieve their financial goals. The study of financial management practices

among rice workers is essential in understanding the economic dynamics that shape rural

livelihoods. As a critical segment of the agricultural workforce, rice workers face unique

challenges that impact their financial stability and productivity. By assessing their financial

management skills, we can identify gaps and opportunities for improvement, ultimately

fostering better resource allocation, informed decision-making, and sustainable farming

practices. This research not only aids individual workers in enhancing their economic

67 resilience but also provides valuable insights for policymakers and organizations aiming

to support rural development. In this context, effective financial management emerges as

a pivotal factor in driving both personal and community prosperity, highlighting the need

for targeted interventions and educational initiatives.

2 This study enlightens them on way on how rice farmer manage their money

effectively by making financial decisions that promote financial sufficiency, stability, and

well- being of the family. Financial literacy makes good financial decisions that could likely

impact on the agricultural business. With proper financial management, savings,

38 expenses and other emergencies are well taken care of. The study aims to provide

insights into how governments can strengthen financial management skills in the public

sector on a sustainable basis. Financial management skills are critical in enabling

governments to meet their basic objectives of delivering services to citizens and achieving

policy objectives. They are also critical to address current concerns around fiscal

sustainability, securing value for money for taxpayers and ensuring transparency and

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accountability for the use of public funds. Benefit from the study assessment of financial

management in rice farming by gaining a foundational understanding of the financial

challenges faced by farmers. This research can provide a framework for exploring new

financial models and practices, enhance the literature on agricultural finance, and identify

43 gaps for further inquiry. Ultimately, it can guide the development of more effective

50 interventions and policies aimed at improving financial outcomes in the agricultural sector.

13 The primary purpose of this study was to determine the financial management of

17 rice farmers in Montevista Davao de Oro. Specifically, this study will be conducted to seek

answers to the following objectives 1. To determine the level of financial management

among rice farmers in terms of Cash Management, Credit Management, Retirement and

73
2 Estate Planning, Risk Management, General Management, Capital Accumulation; 2. To

2 evaluate the financial management and explore the capacity of the farmers in distributing

their income properly and provide broad knowledge about financial literacy and its impact

in income distribution.

13 Therefore, the study Null Hypothesis (H0): There is no significant difference in the

financial management practices ( income sources, expenditure patterns, savings

behavior, and investment strategies) among rice workers.

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69 METHOD

Research Participants

The participants in this study are rice farmers in Montevista Davao de Oro, who are

registered with the Department of Agriculture (DA). Based on the list of rice farmers that

56 was given by Municipal Agriculture Office, there are 187 rice farmers in Davao de Oro.

The simple random technique will be used to choose the participants. Slovin’s formula

12 was applied, considering the 5% margin error and a 20% non-response rate.

Materials/Instruments

23 The adopted questionnaire is used in this study to gather the needed responses

74 from rice farmers in Montevista, Davao de Oro, about the assessment of financial

management of rice farmers. The researchers will examine the questionnaire to ensure

34 its accuracy and appropriateness. Using the 5 Likert scale (1=not typical,5= very typical),

respondents were asked to indicate the degree to which each item was typical of them.

17 Design and Procedure

13 This study will utilized a descriptive research design to explore and document the

54 financial management practices of rice farmers in Montevista Davao de Oro. According to

Williams (2007), descriptive research is a study design used to investigate the

62 circumstance requiring the identification of characteristics of a certain phenomenon based

on observations. This sort of study is used to describe and evaluate the data under

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consideration based on facts that have been supported by accurate theories. It indicates

that descriptive research is relevant to the condition occurs at that moment, employs one

or more variables, and then explores the facts.

This research study collected data through survey in a form of adopted modified

questionnaire. The previous study of our research served as a foundation of this research

study. The questionnaire will be distributed to the residents. The (6) indicators which are

7 the cash management, credit management, retirement and estate planning, risk

management, general management, capital accumulation are used in the set of

questionnaires to be answered be the rice farmers of Montevista Davao de Oro.

The researchers made sure that all the authorities of the Municipal Agriculture

Office in Montevista Davao de Oro are well informed through written permission before

40 the study is conducted. We ensure the confidentiality of the information of the respondents

that may be required in the study is well secured.

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