PBBM turns over agri-credit checks to Nueva Ecija ARBOs

Department of Agrarian Reform (DAR) Secretary Conrado M. Estrella III announced on Sunday that President Ferdinand R. Marcos Jr. has handed over P41 million in agricultural credit assistance to 471 agrarian reform beneficiaries (ARBs) in Nueva Ecija. The turnover took place on Friday, 13 September 2024, as part of various credit assistance programs in partnership with the Land Bank of the Philippines (LBP) and the local government unit (LGU).

According to Estrella, twelve ARB Organizations (ARBOs) under the Accessible Loans for Empowered, Resilient, and Transformed (ALERT) Program availed of the credit assistance through DAR and the LBP.

“Aside from providing lands to the ARBs, credit support services such as agricultural insurance, technical assistance, capacity building and marketing assistance are also offered to ARBOs to empower the ARB members and strengthen their capabilities and resiliency,” Estrella said.

He also highlighted that under the "New Agrarian Emancipation Act" or Republic Act No. 11953, DAR is mandated to offer support services to all ARBs, including credit assistance.

LBP Executive Vice President Alex Lorayes shared that the bank has allocated a P10-billion fund for the LANDBANK AgriSenso Lending Program, launched in July 2024. The program aims to provide affordable financing to ARBs and the broader agricultural value chain, supporting food security efforts with an interest rate of just seven percent per annum.

“Rest assured that LANDBANK will continue to support the government's intensified efforts to extend meaningful interventions for the farmers paving the way for a more prosperous and sustainable agricultural sector,” Lorayes said.

The ARBO recipients include several cooperatives in Nueva Ecija, such as the Magandang Buhay ng Samon Multi-Purpose Cooperative in Cabanatuan City and the United Nampicuan Producers Cooperative in Nampicuan, among others.