Friday, April 17, 2009
The government’s agricultural lending program has already released P240.5 million in total loans to the cooperative bank sector from April 2008 to December 2008, the Department of Agriculture (DA) said.
The Cooperative Bank Agri Lending Program (CBAP) is jointly implemented by the cooperative bank sector and the government through the DA and its attached agency, the Agricultural Credit Policy Council (ACPC).
“From its formal launch in Pampanga last April 2008 up to end of December 2008, CBAP has released some P240.5 million to accredited coop bank wholesalers, which in turn have disbursed to 4,868 borrowers in the rural areas,” said Agriculture Undersecretary Berna Romulo-Puyat in a statement.
Puyat said the ACPC provided the initial kick-off fund of P300 million for the CBAP, which will be leveraged at least five times by participating cooperative banks. A total of 24 cooperative banks have pledged to deliver loans amounting to P1.5 billion.
Some of the strategies being eyed to strengthen the program, she said, are the inclusion of loans to long-gestating commodities/projects; provision of an additional P100-million credit fund; and the setting up of an institutional capacity-building component for CBAP-partner coop banks.
Puyat said CBAP is one of the initiatives under the loan component of FIELDS, which stands for Fertilizer, Irrigation, Education and extension, Loans, Driers and other postharvest facilities, and Seeds.
By Business Mirror
Click the links below to lower your farming inputs costs and increase your crop quality.
Click here to review Nutrplant AG Organic Fertilizer
Click here to review Nutriplant SD Organic Seed Germination Fertilizer
Click here to review Apsa80 Adjuvant to increase the efficacy of all your applied products