Government prepares financial literacy program for agri

MANILA, Philippines — The Department of Agriculture (DA) has crafted a financial literacy program for farmers and fisherfolks to ensure an efficient budgetary management for the industry.

Agriculture Secretary Emmanuel Piñol has instructed the Agricultural Training Institute (ATI) to develop a module that will prepare farmers and fishers in the efficient management of their finances.

The financial literacy program aims to educate farmers, fishers, livestock raisers, vegetable growers and other agricultural stakeholders in organizing budgetary operations to allow them to wisely spend for their projects and earn higher income.

Piñol’s order is part of a masterplan to maintain the high repayment success rate of the flagship loan programs launched by the  Agricultural Credit Policy Council (ACPC).

“Farmers who availed of financial assistance under our Production Loan Easy Access credit facility during our launch in June last year have already paid their dues even before the maturity date of their loans,” Piñol said.

With advance payments made, the P15 million fund lent by DA earned P900,000 in interest which the government will make readily available to other farmers and fishers to improve their production.

The current repayment rate of DA loans is 96 percent.

To date,  ACPC has P400 million fund credit under the farm equipment and post-harvest facility loan program.

The credit facility is available to farmers’ and fishers’ associations and cooperatives at two percent interest, payable in eight years, without collateral.