DA allots P165-M credit assistance to farmers

The Department of Agriculture (DA) has awarded P165 million to about 11,000 small farmers.

The funds form part of the Expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid Program), a credit program of the government for rice farmers affected by the unprecedented price drop of palay or paddy rice.

The program is jointly implemented by the Agricultural Credit Policy Council (ACPC) and the Land Bank of the Philippines.

Each rice farmer tilling one hectare or below farmland and is registered under the Registry System for Basic Sectors in Agriculture (RSBSA) will receive a P15,000 cash loan.

“This credit assistance is payable in eight years at zero percent interest. They only have to pay P1,875 annually,” Agriculture Secretary William Dar said.

Aside from the loan, the department will also be carrying out a “buy 2 take 2” fertilizer program allowing farmers to receive two more bags of Urea fertilizer for every two bags they purchase.

“We are putting these things in place because we want to make sure that Filipino farmers increase their production and income, and become more competitive,” Dar said.

The Agriculture chief said the DA is currently pushing for measures that will ensure better yield and economic gains in the countryside.

Based on the latest report of the state-run Philippines Statistics Authority (PSA), the agricultural sector grew 2.87 percent during the third quarter of the year.