DA establishes Loan Facilitation Team in every province
The Department of Agriculture (DA) is planning to set up a ‘Loan Facilitation Team’ in every province in order to fast-track the issuance of loans to farmers so they could immediately boost their production.
As a start, following Agriculture Secretary Emmanuel Piñol’s directive to bring easy to access credit facilities to the poor farmers in the unbanked and underbanked areas, the DA Regional Field Office No. 5 has already organized the Loan Facilitation Team (LoFT).
The LoFT’s main task is to provide the needed technical assistance or support to farmers and fishers on credit awareness, loan acquisition, utilization and repayment. Each region will have a LoFT.
Right now, the different loans being offered by the DA through the Agriculture Credit Policy Council (ACPC) are Production Loan Easy Access (PLEA) (up to P150,000 at 6 percent interest per annum); Survival and Recovery Assistance (SURE) (up to P25,000 at 0 percent interest); Working Capital Loan (up to P5 million at 6 percent interest per annum diminishing balance), Agri-Fisheries Machinery & Equipment Loan (open to individual borrower, up to P250,000 at 2 percent per annum interest).