Friday, July 16, 2004 Agri chief urges gov't employees to start own business By Raquel C. Bagnol
OUTGOING Agriculture Secretary Luis "Cito" Lorenzo, Jr. said that he is going to encourage government employees to engage in their own business and not rely on their fixed salaries as government employees.
With his new post as chair of the Land Bank of the Philippines (LBP) and the Credit Guarantee Finance Corporation, Lorenzo said he could better serve to address the financial needs of the government.
"We could provide the government employees with financial capital and the necessary training for them to start their own businesses and become self-employed," Lorenzo said in an interview at Felis Resort in Davao City last Wednesday.
Lorenzo said Quedancor, a credit facility which borrows wholesale and lends capital on retail to small borrowers and which he has to formally take leadership of, has a credit facility of P7 billion.
"I believe this amount will be utilized for this year and hopefully, we can add another P3 billion before the year ends," Lorenzo added.
Quedancor's borrowers have increased from 700 in 2001 to more than 20,000 borrowers up to the present.
Target for Quedancor borrowers are the retailers of rice, corn, vegetables,
swine growers, sari-sari stores and others.
"We can lend to borrowers from P10,000 to P50,000 per commodity project at 17 to 18 percent interest per annum," Lorenzo added.
Lorenzo was in Davao City to grace the graduation program of 560 farmers of the University on the Air aired over ABS-CBN's DXAB radio.
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