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P48-M DAR credit line for farmer organizations

manila bulletin blue logoTwenty-eight farmer organizations in Sultan Kudarat can now rest easy on how they could finance their rice and corn production after the Department of Agrarian Reform (DAR) recently approved a credit line that could be extended to them by the Land Bank of the Philippines (LBP).

Provincial Agrarian Reform Program Officer II (PARPO) Rodolfo Alburo said the approved credit lines worth P48,342,200 were granted under the Agrarian Production Credit Program (APCP), which was started in the first quarter of 2014 in Sultan Kudarat.

Alburo said the credit program, a project of DAR in partnership with the LBP, aims to achieve sustainable crop production and increased household income of agrarian reform beneficiaries by providing them capital for farm inputs.

Rodel Palmares, a member of KM 14 HVC Farmers Association, Inc. in Bagumbayan town claimed that he has been borrowing money from traders for almost 10 years now in order to finance his farming needs. Until his debt reached over a hundred thousand pesos which he could hardly pay for.

“I was forced to sell a parcel of my land to a trader as payment for all my debts,” Palmares said.

Iglecerio Catiil, LBP Account Officer for APCP in Sultan Kudarat, disclosed that if farmers borrow money from traders, they would usually get at least 10 percent 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.

With this project, the farmers will be allowed to pass on an all-in interest rate of 15 percent per annum, including service charge, according to Catiil.

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, Catiil explained.

Among the 28 beneficiaries, 19 have already availed a total amount of P25,691,766.66 while the remaining farmer organizations are awaiting for the scheduled release.

“Last year, five of these agrarian reform beneficairies received financing under APCP amounting to P11,168,485.00. They are now for second release this year,” Alburo said.

Source: http://www.mb.com.ph/p48-m-dar-credit-line-for-farmer-organizations-2/

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