State program lends P452M to farmers, fisherfolk
THE AGRICULTURAL Credit Policy Council (ACPC), an agency attached to the
Agriculture department, released over P450 million in loans in the first
semester through its umbrella financing program, it said in a statement
on Tuesday.
Secifically, ACPC said that its Agro-Industry Modernization Credit and
Financing Program (AMCFP) lent a total of P452.4 million to 10,288
agri-fishery stakeholders nationwide in the period.
The amount lent in the same period last year was not readily available
yesterday.
The AMCFP was formed through Republic Act No. 8435 or the Agriculture
and Fisheries Modernization Act of 1997.
Implementation of the program, which funds agri-fishery financing
initiatives of various financial institutions, began in 2003.
COMPONENTS
As of this year, ACPC said, programs that have been funded through the
AMCFP are the Cooperative Banks Agri Lending Program (CBAP), the
Agri-Microfinance Program (AMP), the Cooperatives Agri Lending Program
(CALP) and the Sikat Saka Program.
Of the loans generated in the first half, the CBAP released the biggest
amount at P400.9 million, which the ACPC said would finance projects of
6,291 farmers and fisherfolk.
The CBAP provides funding support to eligible cooperative banks for the
expansion of their small farm and fishing loan portfolios through
special time deposits, explained the ACPC.
Loans for agricultural production or microfinance accessed through this
program are subject to interest rates not more than 15% per annum.
A total of P45.6 million, meanwhile, was released through the AMP to
3,808 farmers and fisherfolk in the same period.
ACPC said that the AMP, a joint program of the agency and the People's
Credit and Finance Corp. (PCFC), supports accredited microfinance
institutions to provide agriculture-related micro loans to individual
borrowers coming from small farm or fishing households.
The program also gives priority to areas hit by natural calamities.
The CALP, which is a partnership between the Agriculture department and
the Development Bank of the Philippines (DBP), lent a total of about
P4.7 million to 159 farmers and fishers in the first semester.
"Launched in June of 2011, the CALP provides a revolving credit line for
cooperatives for the purpose of strengthening their lending services for
their farmer and fisherfolk-members," said ACPC.
Lastly, the Sikat Saka program, which is implemented by the Agriculture
department in partnership with the Land Bank of the Philippines
(Landbank), lent P1.25 million to 30 rice farmers over the same six months.
The Sikat Saka program, set up just last January, lends to small palay
farmers in support of the Agriculture department's food staple
sufficiency program.
It is designed to give farmers who are members of irrigator's
associations to borrow from Landbank.
"Under this scheme, farmers will enjoy an interest rate of only 15% per
annum for the first two cycles. For succeeding cycles, the interest may
further go down by 1% per cycle provided the borrower consistently
repays on time," the statement read.
"The priority provinces of the Sikat Saka Program are Isabela, Nueva
Ecija, Iloilo and North Cotabato."
MORE LOANS SEEN THIS SEMESTER
ACPC Executive Director Jovita M. Corpuz said in a telephone interview
yesterday that the AMCFP, since the start of its implementation in 2003,
has already provided some P1.361 billion in loans to 84,164 farmers and
fisherfolk as of June this year.
"We expect the AMCFP's performance to peak in the second semester as we
continue to further adjust our program guidelines with guidance from
our… ACPC Governing Council members from the DA (Department of
Agriculture), Bangko Sentral ng Pilipinas, Department of Finance,
National Economic and Development Authority and the Department of Budget
and Management," said Ms. Corpuz.
The official also noted that the onset of the wet season in the second
half could likewise raise borrowing in the agri-fishery sector.
"AMCFP loans for 2012 is estimated to reach P1.08 billion," ACPC Deputy
Executive Director Magdalena S. Casuga said in a text message. --
Bettina Faye V. Roc
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