P2 billion loan facility for students, young bizmen

CEBU, Philippines — The Department of Agriculture through the Agricultural Credit Policy Council (DA-ACPC) is offering an initial P2 billion for young students and entrepreneurs to borrow to start any agriculture, fishery or agribusiness venture.

"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," said DA secretary William Dar in a statement.

Dar said DA has approved an initial P2 billion to implement two lending programs--Young Agripreneurs Loan Program (YALP), and Micro and Small Agribusiness Loan Program (MSALP) — with an initial budget of P1B each.

 "We have to replace aging farmers with younger blood, our Pinoy millennials, who are the future of Philippine agriculture,” said Dar, who chairs the ACPC governing council.

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

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

 The programs will be launched formally before the end of the month, said DA-ACPC executive director Jocelyn Badiola.

“This has been one of my advocacies. Let us give our Filipino millennials the means to be part of our journey towards agricultural modernization and industrialization,”  Dar added

   To support the two new loan programs, Dar said the DA-ACPC will tap technical experts from the state universities and colleges (SUCs), DA's Agricultural Training Institute (ATI), and Department of Trade and Industry to train and mentor the young borrowers and micro and small agri-preneurs.  FPL (FREEMAN)