DA offers low-interest loans in Davao

FARMERS and fisherfolk in areas hit by super typhoon Pablo can now avail OF loans at a lower interest rate.

This was bared by Department of Agriculture Bernadette F. San Juan during the briefing on DA-ACPC's Special Agricultural Financing Facility for Farmers and Fishers affected by Typhoon Pablo, held recently at the provincial capitol in Tagum City.

"DA-ACPC, through its partner financing institutions, the Cooperative Bank of Misamis Oriental and the Cooperative Bank of Agusan del Sur, is offering loans of up to P150,000 to farmers and fisherfolk in areas hit by typhoon Pablo, with an interest rate of eight percent plus four percent service fee, payable either monthly, quarterly, upon
harvest, or in lump sum, but not to exceed one year," San Juan said.

This special agricultural financing facility for the purposes of agricultural production or microfinancing, is open to borrowers with the following qualifications: farmers who own farms with the size of not more than seven hectares; farm workers; fisherfolk owning fishing vessels of not more than three tons in weight; or those who own fishponds of not more than five hectares, or fish cages of not more than 400 sq. meters; and has no current loan with the Land Bank of the Philippines, among others.

San Juan said that farmers and fishers in the typhoon ravaged areas badly need start-up capital for their farm and fish projects.

But these people, she said, are more comfortable with using bolos, plows and fish nets but feel uncomfortable using pens, and doing business with the banks.

"Thus, they are easy preys to loan sharks," San Juan said, adding that the national government and the local government units must work hand in hand in helping these farmers and fishers so that they could avail of this special low-interest rate financing, with the least hassle.

Farmers and fishers who wish to avail of this special loan package may contact the provincial or the municipal agriculturist in their respective areas.