The Department of Agriculture (DA) said farmers are a few steps closer towards reaping the benefits of the Rice Competitiveness Enhancement Fund (RCEF) after it released an initial P180 million from the credit component of the fund.
Land Bank of the Philippines (LandBank) assistant vice president Edgardo Luzano said the P179 million loanable funds can now be accessed by eligible farmers from 59 provinces nationwide.
The amount is part of the P500-million credit component of the P10-billion RCEF fund obligated to LandBank.
Luzano encouraged palay farmers to take advantage of the subsidized loans, which they can use to increase their productivity through the purchase of inputs, machinery and farm equipment.
To help ease the loan application process, Luzano said LandBank has set separate eligibility criteria for individual rice farmers and cooperative members.
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For individual farmers, they should be enlisted in the Registry System of Basic Sectors in Agriculture (RSBSA) and have no outstanding balance from formal lending institutions and DA-ACPC credit conduits.
Also, they should have undergone technical training on rice-related projects.
Further, farmers only have to fill out a one-page loan application form and present one government-issued ID or barangay certification.
For individual farmers who use machines and equipment provided by RCEF, they need to provide a copy of a business permit.
Meanwhile, rice farmers who are members of cooperatives can also avail of the loan provided that they are duly registered and accredited by the DA, have no adverse findings on the cooperative and its principals, have strong back office support with defined operational structure, must be profitable and have financial capability, must exhibit a loan ratio below 25 percent, have certificate of compliance from CDA, and have undergone relevant technical training on rice-related projects.
Borrowers from cooperatives need to pass documentary requirements —including loan application for, certificate of accreditation from DA, photocopy of the certificate of registration from the CDA, bio-data of incumbent officers and board of directors with ID, authorized board resolution, audited financial statement, business/farm plan and updated business permit.
