Farmers to get P1.5 billion loan
MANILA, Philippines — The government will provide P1.5 billion in loan to farmers to help ease the impact of the drop in palay prices.
Agriculture Secretary William Dar said the Agricultural Credit Policy Council approved the Expanded Survival and Recovery Assistance Program for Rice Farmers or SURE Aid.
“The idea of giving cash is not possible because we do not have the money. We have to be practical,” Dar told reporters on the sidelines of a hybrid rice forum yesterday.
“Instead... we are giving them a one-time loan assistance of P15,000 to be paid in eight years with no interest. I would rather give them the technology in terms of credit so they can use that to start rice farming again,” he said.
The Department of Agriculture (DA) had earlier announced plans to give cash assistance of P3,000 to P5,000 each to around 1.1 million rice farmers who are tilling one hectare of land and below.
Dar said the DA asked the National Food Authority to buy the produce of farmers who will be given loan assistance.
He said interested rice farmers could avail themselves of the loan starting Sept. 1.
“The implementing guidelines for this loan assistance will be developed and worked out in the next two weeks,” the DA chief said.
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