By Mike Crismundo
BUTUAN CITY – Fulfilling the promise of President Rodrigo R. Duterte to help the marginalized farmers in Caraga region, farmers started to access loan assistance from the government today.
Through the Production Loan Easy Access (PLEA) program of the Department of Agriculture (DA), an approved credit fund allocation of P40 million has been approved to five lending conduits in Caraga region, it was also learned.
DA- Agricultural Credit Policy Council (ACPC) is partnering with local financial institutions such as farmer cooperatives to extend financial loans to them.
These five lending conduits are Dacutan Farmers Cooperative MPC (DAFAMCO); Farmers Alternative for Self-Reliance MPC (FASRMCO); Mindanao Consolidated Cooperative Bank (MCCB); all in Agusan del Sur; Malimono Multi-Purpose Cooperative (MAMCOOP) and Mindanao Consolidated Cooperative Bank (MCCB-Surigao), all in Surigao del Norte.
Today, P36, 546,330.00 has been transferred to the five lending conduits and P26, 066,830.00 to 591 farmers.
These initially benefited farmers already accessed the loan package and are currently enjoying very minimal interest rate.
PLEA was launched last June 2017 during the visit of D.A. Secretary Manny Piñol in Malimono town, Surigao del Norte.
Through PLEA, marginal and small rural farmers and fisher folks may avail loans up to P50,000, with no collateral.
Borrowers can pay the loan for two to 10 years, depending on the commodity or activity.
PLEA, a nationwide credit program, is currently implemented in selected municipalities across the country through the ACPC.