The Sugar Regulatory Administration (SRA) will be launching on Friday, March 16, the Socialized Credit Program under the Sugarcane Industry Development Act (Sida). P600 million funding is available.
Of the funds, P300 million was for 2016 while the remaining P300 million was for 2017, said Sugar Board Director Emilio Yulo III, adding that the funds all available to sugar farmers including the small planters through the conduit bank, Landbank of the Philippines.
Yulo said the funding for socialized credit is part of the P2 billion annual allocation for the sugar industry, under Sida, should be utilized.
To make sure that the sugar farmers especially the small planters could avail the socialized credit program, the requirements will be simplified or the process will be streamlined because they understand that the small planters have no financial statements.
The requirements would only include proof that they cultivate the certain parcel of land through the copies of the certificate of land ownership award or lease agreement, certification from the barangay and certification that they attended training on Sugarcane Farming and Modern Technology and the Agricultural Training Institute.
"We will make sure that SRA will bring this training to the farmers through their respective clustered associations, Yulo said.
The Socialized Credit Program will be available to sugar farmers having five hectares and below of sugarcane plantation in accordance with their farm plan, Yulo said.
Meanwhile, today's launching of the socialized credit program at the SRA office will be graced by Senator Cynthia Villar, chair of the Senate committee on agriculture; and Negros Occidental Third District Representative Alfredo Benitez, author of Sida in the House of Representatives.