Bank of the Philippine Islands microfinance arm BPI Direct BanKo, and Agrilever, a mobile app provider of mobile app on farmland and farmer data, have partnered to provide agricultural loans or Agri NegosyoKo Loan to small-scale farmers

“Agriculture is the oldest profession in the world, and it started when you didn’t need credit because it was only your sweat and nature that got you,” BPI president and chief executive officer TG Limcaoco said Wednesday at the product launch in Makati City.

According to Bangko Sentral ng Pilipinas, 73 percent of farmers and agricultural workers had no bank accounts in 2021.

“With people leaving agriculture, we need to make it more efficient, and the only way to make it efficient is you need to provide credit,” he stressed.

Agrilever links individual farmers to BPI Direct BanKo and ensures higher profits to farmers.

“We invest in their abilities to be able to provide food on our table, thereby we’re investing in the Philippines,” BPI Direct BanKo president Rodolfo Mabiasen Jr. said.

Farmers’ aid

Agrilever helps BanKo lend to financially-capable farmers as the app raises their production and sales by providing weather forecasts, analyses on soil health, water conditions, and pests alerts. The app also links farmers to merch

“This is what we’re trying to do, to give instructions that are specific to individual farmers. We ensure that you are bankable and profitable,” Agrilever co-founder and former Agriculture secretary Arthur Yap said.