Govt earmarks up to P1.3B for lending to land reform beneficiaries

on . Posted in DAR In The News

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Beneficiaries of land reform can take out loans from Agrarian Production Credit Program (APCP), the Department of Agriculture said Friday, noting the government is setting aside up to P1.336 billion for lending under the five-year credit and capacity development program.

The lending target this year covers the credit needs of 35,431 agrarian reform beneficiaries under 543 beneficiary organizations.

APCP is a microfinance program of state-run Land Bank of the Philippines (LandBank), Department of Agrarian Reform and Agriculture Department to fund production and enterprise projects of agrarian reform beneficiaries who are not eligible to obtain financing from LandBank's regular lending program.

LandBank is now evaluating P356.59 million worth of loans in the pipeline that will be carried through 86 beneficiary organizations.

To meet the 2014 lending target, the management committee headed by Agriculture Assistant Secretary for field operations Edilberto de Luna, is implementing operational strategies on closer coordination among the implementing agencies, including workshops with agrarian reform beneficiaries, and identifying new agribusiness projects. – VS, GMA News