Metro Manila (CNN Philippines, April 3) — The Department of Agriculture, through the Agriculture Credit Policy Council (ACPC), has approved an initial P1-billion loan assistance to marginal farmers and fisherfolk, as well as agri-fishery micro and small enterprises amid the COVID-19 pandemic.
This is to “enable them to cope during this state of national emergency,” said DA Secretary William Dar.
According Dar, this financing program is part of the expanded SURE Aid and Recovery Project, in support of the “Ahon Lahat, Pagkaing Sapat (ALPAS) Kontra COVID-19″, or “Plant, Plant, Plant Program.”
“The Plant, Plant, Plant Program” is an initiative from the DA to increase farm productivity and ensure food sufficiency during the Covid-19 emergency situation.
The said loan assistance program will provide small farmers, fisherfolk, and small and micro agri-fishery enterprises with needed working capital to continue operations amid the enhanced community quarantine.
“The idea is to provide emergency and production capital requirements for our marginalized sector, whose operations and earnings were severely affected by the enhanced community quarantine in Luzon,” Dar said.
Eligible SMEs with single proprietorship, partnership, corporation or cooperative/association, may borrow up to ₱10 million at zero interest under the expanded loan program, payable up to five years.
Meanwhile, individual farmers and fishers can borrow a non-collateralized loan of ₱25,000 at zero interest, payable in 10 years. Only one borrower is allowed per farm or fisher household.
“The country’s farmers and fishers, who we consider as food security ‘frontliners,’ play a crucial part in our fight against Covid-19. That’s why it is important that we continue to empower them to ensure continued production and delivery of food to our countrymen,” Dar added.
The DA-ACPC is strengthening its partnerships with 230 existing lending conduits nationwide, which include government banks, rural banks, cooperative banks, cooperatives, viable NGOs, and associations for the successful implementation of the expanded SURE Aid program.
