The Department of Agriculture-Agricultural Credit Policy Council Production Loan Easy Access (DA-PLEA) has offered P39 million worth of credit fund to five conduit cooperatives in Kalibo Aklan which would implement the loan program.
The beneficiaries of the program are marginal farmers and fishermen.
The loans, which was designed to address the groups’ financial needs, obtained under PLEA are non-collateralized.
The maximum amount a farmer or a fisherfolk can borrow is P50,000 depending on the activity or commodity being produced, payable within a period ranging from two to10 years with an interest rate of six percent annually or 0.5 percent per month.
Aklan cooperatives which received the initial P39 million credit fund include Integrated Barangays of Numancia Multipurpose Cooperative that received P10 million; Lezo Multipurpose Cooperative, P10 million; Libacao Development Cooperative with P10 million; SANDONA Development Cooperative with P5 million; and Madalag Development Cooperative with P4 million.
Also eligible beneficiaries of the PLEA program are small farmers and fisherfolk of Boracay Island’s three barangays — Balabag, Manoc-Manoc and Yapak — which are affected by the island’s closure.