800 farmers in Bulacan receive loans from gov’t
The Department of Agriculture (DA) has partnered with Land Bank of the Philippines (LANDBANK) for the distribution of the Expanded Survival and Recovery Assistance Program (SURE Aid) cash cards to almost 800 palay farmers in the Province of Bulacan.
The SURE Aid program is the government’s initial relief response to palay farmers who are tilling one hectare of land and below, and are affected by the drop in the farm gate price of palay this year.
From the initial allocation of P1.5 billion, the program’s fund is now at P2.5 billion to be given as loan assistance to rice farmers nationwide either directly or through DA-accredited service conduits.
During the event, LANDBANK distributed pre-loaded LANDBANK SURE Aid cash cards containing the P15,000 loan assistance to all qualified farmers from 20 cities and municipalities in Bulacan.
The one-time, zero-interest, no collateral loan is payable up to eight years.
To complement this effort, LANDBANK has recently launched the “PAlay aLAY sa Magsasaka ng Lalawigan” (PALAY ng Lalawigan) Program, which will lend to Provincial/City/Municipal governments of rice-producing provinces to help them procure palay produced by local farmers. The program also aims to supplement the procurement activities that will be undertaken by the National Food Authority (NFA).
The Bank has initially earmarked P10 billion to fund the Program. Eligible local government units may avail of working capital loans for the procurement of palay at 2 percent per annum.