close
Eatery Business

500 million pesetas in unsecured, interest-free loans to help farmers and fishermen after the storm

A ZERO INTEREST loan program with a budget of P500 million is being prepared for farmers and fishermen whose livelihoods were damaged by Typhoon Odette (international name: Rai), including P75 million for Northern Mindanao or Region X.

The Department of Agriculture’s Region X executive director, Carlene C. Collado, said in a statement that final details of the terms of the unsecured three-year loans are still being determined, including the maximum loan amount.

The loans are being offered by the Agricultural Credit Policy Council (ACPC) under a program designed to provide “survival and recovery assistance.” Deadlines for the application period and the loan approval were not set.

“The loan is intended to provide relief and assistance in restoring the farming and fishing activities of affected farmers and fishermen through credit for the purchase of inputs, repair of farming and fishing equipment, and acquisition of livestock and working animals,” according to ACPC program development division Chief Noel Clarence M. Ducusin said.

Preference for loans is given to small farmers and fishermen listed in the basic sectors of agriculture registry system. — Luisa Maria Jacinta C. Jocson

Richard Dement

The author Richard Dement