DA allots P2billion to woo young agripreneurs
Louise Maureen Simeon (The Philippine Star) - January 12, 2020 - 12:00am

MANILA, Philippines — The Department of Agriculture has earmarked an initial P2 billion in loan funds for its youth agripreneurship programs to encourage the younger generation to venture into farming.

According to the DA, the Agricultural Credit Policy Council (ACPC) is offering an initial P2 billion that young students and entrepreneurs can borrow to start an agribusiness.

 “This is our way to attract the younger generation of Filipinos to be key players in attaining our vision of a food-secure Philippines with prosperous farmers and fishers,” Agriculture Secretary William Dar said.

The P2 billion will cover two lending programs namely the Young Agripreneurs Loan Program (YALP) and Micro and Small Agribusiness Loan Program (MSALP) with an initial budget of P1 billion each.

“We have to replace aging farmers with younger blood.  Our Pinoy millennials are the future of Philippine agriculture,” Dar said.

Eligible to avail of YALP loans are agri-fishery graduates and young hobbyists, aged 15 to 30 years old. They can borrow start-up funds of up to P500,000, with zero interest, payable in five years.

On other hand, under the MSALP, agripreneurs can borrow working capital or for fixed asset acquisition from P300,000 up to P15 million, for micro and small enterprises.

The two programs will be implemented by the ACPC through the Land Bank of the Philippines, ACPC-accredited cooperative banks, rural banks, cooperatives, and viable non-government organizations.

To support the two new loan programs, Dar said ACPC would tap technical experts from state universities and colleges, the DA-Agricultural Training Institute and the Department of Trade and Industry to train and mentor the young borrowers, and micro and small agripreneurs.


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