FarmOn.ph Virtual Farming is a crowdfunding website that you can invest in a farming project in exchange for a profit when the crops are sold at market. You’ll be a crowdfunder investing in the Philippines agriculture community. At harvest time, if the project was successful, you’ll receive a percentage of the crops that sold at the market. The crowdfunding project has been active since 2014 and the company is on its 18th planting cycle. As a new investor in the project, you must be invited to join by an existing member. However, when you first join the project, you’ll not be able to invest in the current cycle. The company requires that you wait for one planting cycle before investing.
How Does it Work?
- The cycle must be opened before you can join the project.
- You’ll need to fill in the registration form and submit it to the company.
- Once you’re a registered member of the site it is possible to select from the different farms and crops they are planting.
How Does the Investment Work?
- When the cycle opens, you’ll need to select which farm you’d like to fund and what products you’re funding. Not all farms and products are available during each cycle.
- You’ll find the farms and the products you can invest in on the Our Farms page on the website.
- Once you’ve chosen your farm and products, you’ll need to select the number of plots you want to invest in. The site will display the total computation that you’ll pay at the bottom of the forum.
- If you’ve been investing in the farms and have an account balance on the site, the investment cost will be deducted from your account balance. This allows you to use your profits to reinvest in the farms and products to increase your earnings.
- At this time the site gives you the option to have a notarized contract. However, this isn’t free and you’ll need to pay P250 for your copy of the contract.
- When investing in the cycle, you’ll need to make all your investments at once. This helps to prevent delays when the company sends you your contract.
- Once you’ve received the contract, it isn’t possible to make any more changes to this cycle.
- The contract will be sent to you on your message center. This normally takes 5 to 6 business days before you receive your contract.
- You can only pay for the contract once it’s been received. The contract contains all your payment details for the planting cycle.
- Your contract must be signed and returned to the company. You’ll be using the same ticket that the company used to send you the contract.
- After your contract is sent back to the company, send the company your proof of payment. This can be a photocopy or a scanned document.
- At this time you can use the money in your account to reinvest in the new contract. If you decide to use your fund to reinvest in the new cycle the contract must be signed and returned to the company within 6 business days.
- Each cycle has a new contract that you must use. Therefore, it is necessary to always sign the new contract and return it to the company.
- You’ll need to pay your contract through BIDO Bank Deposit, Online Banking, Fund Transfer, Remittance or a Cash Payment to the office address on your contract.
- Once the contract has been received, you’ll have 3 to 6 banking days to settle your payment. If you fail to settle the payment within this time frame you’ll forfeit the contract.
- If your payment is late your contract is automatically forfeited. Therefore, the funds that were received will be added to your account and can be used on the next cycle to pay your contract.
- The company records your payment on your account within 5 to 7 business days.
- After the contract and payment have been confirmed, your product and payment will appear on your account. This happens before the actual farming begins.
How Do You Earn Money?
- The profits that you receive on your investment will depend on the crops, livestock production, the quantity you purchased, the quantity and price the items were sold at market.
- You are paid on the First Pay, First Out basis. The quicker you pay your contract the faster you’ll be in line to receive your payment from the profits earned on the sales of the crops or livestock. If you’re one of the first person’s that paid and the company has confirmed your payment, then you’ll be the first person to receive your profits.
How Are You Paid?
- On the 1st day of the month until the 10th day of the month, you can request a withdrawal of funds from your account.
- If you request payment after the 10th day of the month, the company won’t accept your request. You’ll need to wait until the following month to request your payment.
- You can use your account to submit your request for payment. On your account, you will go to the withdraw button at the bottom of the Vault Summery to request your payment.
- When withdrawing your funds, you’ll need to indicate how much money you’d like to withdraw from your account.
- If you are using a bank account that isn’t yours, you’ll need to submit a letter of authorization from the account holder before the company will deposit the funds into this account.
- You’ll need to add your bank details to your account so the company can send your payment.
- You’ll be responsible for paying all the bank or money transfer charges.
- You’ll receive your payment by the end of the month or the beginning of the following month. The company only processes payment at the end of each month.
This is a legitimate way to earn money through crowdfunding. You’ll be investing in a farm, the crops, livestock or other products the farm produces. Once the cycle is completed and the goods sold at market, you’ll earn a profit on your investment. You need to realize that any type of crowdfunding is a risk and you could lose your investment if the crops fail or there is an issue with selling the crops at the market. Therefore, it is important to do your research to determine which farm you want to invest in, what crops you’ll choose and if you’d like to invest in livestock or other products the farm produces. On this type of crowdfunding, it is possible to reinvest your profits to earn a higher return on your initial investment.