DA expands PLEA program, taps CPMC as conduit

THE Department of Agriculture 7 (DA 7) is expanding the Production Loan Easy Access (PLEA) program to fund the financial needs of farmers in Cebu and neighboring areas for an immediate, convenient, and affordable credit for the farmers to boost productivity.

Through the Cebu People’s Multipurpose Cooperative (CPMC), as credit delivery conduit in extending loans, eligible farmer-borrowers will benefit from PLEA’s non- collateralized loans of up to P50,000, depending on each borrower’s farm plan.

The interest rate per annum is six percent or 0.5 percent monthly and it will not be deducted in advance from the loan. Borrowers will get two to 10 years to pay, depending on production activity.

Requirements

Gerry Avila, chief of the Agribusiness and Marketing Assistance Division (AMAD) of DA 7, said that qualified farmer-borrowers are owners or those still amortizing land that is not more than three hectares and whose income is within the poverty threshold defined by the National Economic and Development Authority (NEDA).

He explained that the process of acquiring PLEA starts with an endorsement letter from the DA regional office or the provincial and municipal LGUs, followed by a letter of intent or application. Funds for the loans will be channeled from the DA to the eligible lending conduits, to be distributed to the loan applicants.

CPMC CEO Macario Quevedo said it is a big opportunity for their cooperative to be a conduit-partner of the DA’s PLEA program.

“Dako ni nga tabang sa gobyerno ug sa coop nga ipakita sa mga tawo nga dili lisod ang pag-apil niining programa (It is also a big help from the government and the coop to show to people that it is not difficult to avail themselves of the program).”

Quevedo encouraged the beneficiaries to organize their plans and farming well so that more farmer-borrowers can benefit from the loan program.

Previously, Dalaguete was named the beneficiary of PLEA from Central Visayas, having allocated P18 million to address the need for loans. (Neil Jean Navarro, SJIT Intern)

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