Special agriculture loans intended only for farmers and fishes from several provinces in the Philippines.
The Department of Agriculture (DA), through the Agricultural Credit Policy Council (ACPC) recently launched the Agriculture and Fisheries Financing Program (AFFP), a flexible credit facility that will provide agricultural loans to approximately 40,000 marginalized farmers and fishers from the poorest provinces around the country.
During the event, DA and ACPC turned — over to the Land Bank of the Philippines
(LBP) and People’s Credit and Finance Corporation (PCFC) 550 million and 450 million, respectively. The LBP will lend directly to farmer and fisherfolk borrowers, while PCFC will lend to its accredited borrower organizations, where the funds
will be accessed by farmers and fishers.
DA undersecretary for Administration and Finance Antonio Fleta said that the amount will be
used exclusively for the establishment of a lending facility which will be made
available to small farmers and fisherfolk who are presently unable to access credit due
to stringent requirements and payment terms.
ACPC Executive Director Jovita Corpuz said that the program aims to enhance “financial inclusion” of the rural poor – particularly those who belong to the agriculture sector – as a means to bring about more inclusive growth.
This story appeared in Agriculture Monthly’s June 2014 issue.