MANILA – The Department of Agriculture is (DA) raising the amount of easy access loan to farmers and fishermen by nearly four times starting next year, Agriculture secretary Emmanuel Piñol said Wednesday.
From P1 billion this year, the department is allotting P3.7 billion to the program.
“Ang ating mabait na Budget secretary dinagdagan ang pondo sa programang ito for the year 2019. Ginawang P3.7 billion na from P1 billion, because of the success of the program,” Piñol said during a Pre-SONA Forum in Pasay City.
Farmers and fisherfolk can borrow up to P50,000 at an interest rate of 6 percent a year without any collateral.
The loan program aims to discourage farmers and fishermen from tapping abusive lending practices such as “5-6” and help improve their productivity, Piñol said.
“At napakaganda ng resulta sa una naming pinautang na isang bilyon – 96 percent,” the Agriculture chief noted. (GMA News)
