CITY
OF TABUK, Kalinga --Small farmers are now served by one of the government’s
lending institutions giving low interest for agriculture production, equipment
and machine loans.
Albert Galut of Land
Bank’s Cordillera Administrative Region Lending Center here said a lot of small
farmers are now availing loan assistance since the establishment of the lending
institution here.
More than 500 farmers
from Kalinga, Apayao and Mountain Province have applied for the Agriculture
Competitiveness Enhancement Fund (ACEF) that grants P1 million maximum loan, he
said.
ACEF
only requires security of loan like title and for the borrower to execute a
sworn affidavit that he has no outstanding loan from other lending
institutions.
Lily Herjoan Caguay,
also of the lending center, reported during the Micro, Medium and Small
Enterprises Development Council meeting that six re-lending cooperatives loaned
under the Agrarian Production Credit Program and 18 irrigators association from
the Sikat Saka Program.
She said The
Agricultural Fisheries Financing Program (AFFP) ceased to exist and was
replaced by ACEF to provide loans at a much lower interest.
The AFFP catered to 32
organizations that loaned a total of P37 million for palay
production.
Galut also bared
that the Accessible and Sustainable Lending Program (ASL) will be implemented
next year after it was piloted in Isabela and Vizcaya.
Like ACEF, it only
requires guarantee or insurance as loan security.
“This is much bigger.
Individual small farmers including agrarian beneficiaries can avail of 90
percent of the total project cost at 6% interest per annum,” he said. -- PIA
Kalinga
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