Portion of RCEF’s ‘loanable funds’ ready for release to farmers
A portion of the loanable funds under the Rice Competitiveness Enhancement Fund (RCEF) is now ready for release to farmers, the Department of Agriculture (DA) said.
“Cash-strapped palay farmers can now breathe a huge sigh of relief after the DA’s Agriculture Credit Policy Council (DA-ACPC) released an initial P180 million from the P1-billion credit component of the RCEF,” DA said.
Land Bank of the Philippines (LBP) assistant vice president Edgardo Luzano said the P179.69 million loanable funds can now be accessed by eligible farmers from 59 provinces nationwide.
The amount is part of the P500-million credit component of the P10-billion RCEF fund obligated to LBP.
Luzano encouraged palay farmers to take advantage of the subsidized loan, which they can use to increase their productivity through purchase of inputs, machineries and other farm equipment.
To help ease the loan application process, Luzano said that LBP has set separate eligibility criteria for individual rice farmers and cooperative members.
For individual farmers, they should be enlisted in the Registry System of Basic Sectors in Agriculture (RSBSA) and has no outstanding balance from formal lending institutions and DA-ACPC credit conduits.
Also, they should have undergone technical training on rice-related projects.
LBP noted that farmers will only have to fill out a one-page loan application form, and present one government-issued ID or barangay certification.
For individual farmers who use machines and equipment provided by RCEF, they need to provide a copy of a business permit.