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Friday, March 29, 2024

Loan program for farmers out soon

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BAYOMBONG, Nueva Vizcaya—The Department of Agriculture will be offering soft loans to farmers to help them cope with disasters and calamities and improve their income.

Narciso Edillo, DA regional director, said the assistance will be given through the Production Loan Easy Access program next year.

“This is a pet project of [Agriculture] Secretary Emmanuel Piñol. The guidelines will be released very soon,” he said.

Under the loan program, farmers can avail of a P15,000 loan per hectare, or depending on their need for capital, at only six percent interest per year.

Edillo said the PLEA will only require a few documentary requirements from farmers, which can be accessed through cooperative banks in the country as conduits.

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“One of the major problems of farmers is their insufficient capital, and this is the solution offered by Secretary Piñol,” Edillo added.

The PLEA will have enough funds —P9.5 billion—because this has been included in the DA national budget for 2018, he added.

Edillo also said he will recommend Cagayan Valley as a pilot area for the PLEA to benefit farmers in the region.

“Secretary Piñol announced during his visit to Cauayan City in May this year that Isabela province will be a pilot area with an initial budget of P100 million under the PLEA,” he said.

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