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P48.3-M credit line to 28 farmer- groups in SulKud bankrolled by DAR – LBP

piaISULAN, Sultan Kudarat, Oct2 (PIA) – The Department of Agrarian Reform (DAR) to date through Land Bank of the Philippines (LBP) has approved P48,342,200 credit line to 28 agrarian reform beneficiary organizations (ARBOs) in the province of Sultan Kudarat, an official said.

Rodolfo Alburo, provincial agrarian reform program officer II (PARPO), said the approved credit lines are granted under the Agrarian Production Credit Program (APCP) to finance rice and corn production needs of the farmers in the province.

He said, the credit program is a project of DAR in partnership with the LBP  to achieve sustainable crop production and to increase household income of ARBs by providing them capital for farm inputs.

“The credit line for each ARBO vary according to the number of agrarian reform beneficiary (ARB) members and the number of hectares applied for each organization,” Alburo explained.

Among the 28 ARBOs, 19 were already released with a total amount of P25,691,766.66. The remaining nine (9) farmer organizations are awaiting the already scheduled release in the coming months.

“There were five ARBOS who received financing under APCP last year amounting to P11,168,485.00. There was one cooperative in Columbio, another cooperative in President Quirino, one irrigators’ association in Lutayan, one farmers’ association in Bagumbayan and another one in Isulan. They are now for second release this year,” Alburo added.

DAR Sultan Kudarat started the APCP program during the first quarter of 2014, but only few ARBOs have availed of the program.

Iglecerio D. Catiil, LBP Account Officer for APCP in Sulltan Kudarat said that APCP implements only 8.5% per annum interest rate, with an interest rebate of 2 percent if payment is made on time. The ARBO is given 150-180 days to pay the said loan to LBP.

“We allow ARBOs to pass on an all-in interest rate of 15 percent per annum, including service charge,” Catiil said.

He opined that if farmers borrow money from traders, they would usually get at least 10% per month interest rate. “So imagine how APCP could actually help them if they take the program seriously and pay their amortization diligently,” Catiil stressed.

He added that APCP has a built-in insurance plan for the members and their immediate family in case of accident and death and for their crops in case of damage due to typhoons or other forms of calamities.

Rodel  Palmares, a member of KM 14 HVC Farmers Association, Inc. in Bagumbayan town shared that he has been borrowing money from traders for almost 10 years now to finance his farming needs.

He said that one time his borrowed money reached over a hundred thousand pesos and had difficulty paying it off.

“Napilitan po akong ibenta ang isang lupa ko sa trader bilang kabayaran sa kabuuang utang ko sa kanya. (I was forced to sell a parcel of my land to a trader as payment for all my debts.),” Palmares recounted.

He added that with a 10% interest rate per month from traders he can still gain income, much more can be gained if his financing for farm inputs will come from APCP program. (ACAgad-PIA12 with reports from JJBDael-DAR-SK)

Source: http://news.pia.gov.ph/article/view/1621443752051/p48-3-m-credit-line-to-28-farmer--groups-in-sulkud-bankrolled-by-dar-lbp

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