Capitol, 3 banks ink pact on P20 billion agri-business fund

CEBU, Philippines —  At least three banking institutions have committed to support the Cebu provincial government’s Enhanced Countryside Development (ECD) program by extending around P20 billion loan to farmers and fisherfolks.

Governor Gwendolyn Garcia has formally signed the memorandum of agreement with the representatives of the Land Bank of the Philippines, Development Bank of the Philippines (DBP) and Philippine Veterans Bank for the said purpose during the official launch of ECD program in Pinamungajan town last Friday.

“This afternoon’s signing of memorandum of agreement, with the three banks--Land Bank for the cultivation of crops, DBP for the setting up of infrastructure those who want to put up their own processing plants or even additional harvest facilities and the Philippine Veteran’s Bank for our micro small and medium enterprises that may wish to expand and in need of additional operating capital. Mao kini ang atong gibuhat karon with the sense of purpose,” said Garcia during her speech.

The primary aim of ECD program is to encourage more local investment to reinvigorate countryside farming and agribusiness by building the capacity of farmers and fisherfolks to venture more on business or livelihood opportunities on food production and achieve food sufficiency in the province. In that way they need not to flock to urban areas to work.

Through the program farmers and fisherfolks will be funded by the banking institutions through a loan program with reasonable interest rates and payback term for their needed capital for their business.

Provincial Agriculturist Roldan Saragena said those who are interested to avail of the program may apply through their municipal or city agriculture’s office then will be submitted to the Provincial Agriculture’s Office for screening and then to the banking institution.

Saragena said they are encouraging farmers to plant more cassava and yellow corn as these agri-products are good in the market.

“Mao na siya ang atong gi-campaign sa ubang LGUs nga kadtong mga bakanteng luna sa Province of Cebu nga ato ng pun-on og tanom mga yellow corn, cassava and other crops nga taas pud ug nindot ang demand sa market,” Saragena said.

He added that the Capitol will also serve as middleman between farmers and fishefolks and potential buyers of their products at an assured price.

Different agencies like the Department of Agriculture and Bureau of Fisheries and Aquatic Resources have also fully supported the program of the Capitol.

In fact, BFAR- 7 regional director, Dr. Allan Poquita, has turned over to the Capitol the 5,000 tilapia fingerlings, which is only a part of the 1.5 million fingerlings that the bureau has committed to provide for the Cebu Province this year as a way of support of the ECD program of the Capitol. —GMR (FREEMAN)