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Thursday, February 02, 2017

Pres. Duterte approves no-collateral, no-interest loan for farmers, fishermen


Farmers and Fishermen affected by a natural disasters like typhoon, will be beneficiaries of a loan program from government which is interest and collateral free.  The program is called Survival and Recovery Loan (SURE Loan) which will be payable in three years.  Agriculture Secretary Manny Piñol announced on his Facebook page that President Rodrigo Duterte approved P1 billion pesos to fund the loan program for farmers and fishermen.




Farmers and Fishermen affected by a natural disasters like typhoon, will be beneficiaries of a loan program from government which is interest and collateral free.

The program is called Survival and Recovery Loan (SURE Loan) which will be payable in three years.

Agriculture Secretary Manny Piñol announced on his Facebook page that President Rodrigo Duterte approved P1 billion pesos to fund the loan program for farmers and fishermen. 



"The SURE Loan Program provides two packages - the Survival Package of P15,000 for food and subsistence and the Recovery Package of P20,000 for the farmer and fisherman to use to buy fertilizers and farm inputs to be able to recover," he added.


According to Piñol, this is the first time in history of Philippine Agriculture and Fisheries, where farmers and fishermen whose source of livelihood are damaged by typhoons and other calamities can now apply for a No-Collateral, No-Interest Loan from Department of Agriculture so they could survive and recover.


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In his Facebook post, Piñol said that during the discussions, President Duterte asked him to update on the DA's anti-poverty program along with food production projects.

Here, he mentioned the SURE Loan Program. He also asked the Agriculture Credit Policy Council (ACPC) to design following a visit he made to the flood-stricken provinces in Mindanao.
(A submerged house in Barangay Nueva Era, Bunawan, Agusan del Sur) Photo Credit to Manny Piñol FB Page

 (Heavily-silted Cagayan River) Photo Credit: Manny Piñol FB Page)

 (Flooded rice fields in Carmen, Davao del Norte) Photo Credit to Manny Piñol FB Page

"The ACPC Board agreed to extend the Survival Loan Package as a grant while the Recovery Loan Package will have a 3% service fee to be charged by the conduit cooperative or rural bank," he said.

Piñol added that the first beneficiaries are expected to receive their loans by next week, 10 days after they submitted their requirements and verification process by agencies.



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