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Tuesday, July 16, 2019

SRA fast tracking Sida’s socialized credit program

SUGAR Board Director Emilio Yulo III said the Sugar Regulatory Administration (SRA) is fast tracking the various programs under the Sugarcane Industry Development Act (Sida) especially on socialized credit program.

He noted that the P2 billion annual allocation for Sida under the General Appropriations Act has been underutilized.

“We have threshed out the mechanics with the Land Bank of the Philippines to use the money for credit financing,” Yulo said.

The P2-billion Sida allocation is 50 percent for infrastructure, 15 percent for block farms, 15 percent for socialized credit, 15 percent for research and development, and five percent for scholarships for children of sugar farmers.

“We have to double time to spend to get the full P2-billion allocation,” Yulo said.

Meanwhile, he said the increase in the mill gate price of sugar in the last two weeks has been maintained this week.
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