MAGALANG -- The Department of Agriculture (DA) aims to attract young businessmen into agriculture entrepreneurship, as it launched two loan programs totaling to P2 billion for would-be agri-entrepreneurs.
Agriculture Secretary William Dar led the launching of the two programs at the Pampanga State Agriculture University in Magalang town with officials of the Agricultural Credit Policy Council.
Dubbed as the "Kapital Access for Young Agripreneurs" (Kaya) and Agrinegosyo loan program, the two loan programs are set to roll out to provide financial assistance to young Filipinos in the area of agribusiness.
Kaya, with a total funding of P1 billion, offers up to P500,000 loan payable in five years at zero percent interest. Interested individuals ages 18 to 30 years old must present an extensive business proposal, for review and assessment. Once validated and approved, partner state universities, non-government organizations and private sector will serve as mentors.
Agrinegosyo, on the other hand, offers cash loan amounting from P300,000 to P15 million to individuals and institutions who are already engaged or are interested to establish micro and small agribusiness enterprises.
Similar to Kaya, the credit is payable in five years at zero percent interest.
Dar said the credit programs form part of the strategies of the government to address the ageing population of Filipino farmers.
"We need young people who have vision," Dar said.
In his message during the launching of Kaya and Agrinegosyo, the secretary assured that the DA will establish models of development to engage the youth in agriculture and agribusinesses. He also emphasized that graduates must be job creators and not merely job seekers.
Dar said the DA will partner with various academic and research institutions to incubate technologies and scale-up farming technologies and activities.
Aside from increasing the levels of productivity, the agriculture chief emphasized the importance of value-adding, processing, and marketing in elevating the Philippine agriculture sector and improving the lives of farmers and fishers.