Metro Manila (CNN Philippines, December 16) — The Department of Agriculture added more funds for its ₱2.5-billion emergency loan facility aimed at helping small farmers and fisherfolk recover amid the COVID-19 pandemic.
In a statement, the DA, through the Agricultural Credit Policy Council, turned over ₱1 billion to the Land Bank of the Philippines as additional fund for its Expanded SURE-Aid and Recover Project, or SURE COVID-19. This was funded by the budget granted under the Bayanihan to Recover as One Act.
Agriculture Secretary William Dar said aside from helping in the country’s economic recovery, the goal of the program is to ensure that “we have enough food during the pandemic, and in order to survive and reboot Philippine Agriculture.”
The loan is part of the DA’s Plant, Plant, Plant program or the Ahon Lahat, Pagkaing Sapat (ALPAS) Kontra COVID-19. It is seen to provide assistance to 40,000 eligible beneficiaries across the country as endorsed by the ACPC and DA’s regional offices.
The initial allocation has been fully released to 535,000 beneficiaries, the agency noted.
Under the program, small farmers, and fisherfolk whose livelihoods were affected by the COVID-19 pandemic may borrow up to ₱25,000, without interest and payable in 10 years. Meanwhile, small enterprises may borrow up to ₱10 million at zero interest, payable in 5 years.
Meanwhile, as of end-November, the state-run bank has released a total of ₱7.76 billion loans to the agriculture sector that benefitted 228,000 farmers.
