Duterte okays no-collateral, no-interest loan for farmers, fishermen
President Duterte approved the no-collateral, no-interest loan for farmers and fisherfolks affected by typhoons and other calamities, Agriculture Secretary Emmanuel Piñol said.
Duterte earlier pledged P1 billion to beef up the P100-million Survival and Recovery (SURE) loan program under the Agricultural Credit Policy Council (ACPC).
The program allows a maximum loan P35,000 per household. It will be payable in three years.
SURE has two packages: P10,000 for the calamity victims’ food supply under the Survival Package; and P25,000 for the Recovery Package.
Piñol said the survival package is a grant while the recovery part will have a 3 percent service fee to be charged by the conduit cooperative or rural bank.
He said ACPC Executive Director Joyce Badiola has assured that the loans would be released within 10 days after the applicants’ eligibility are verified and validated.
He said the first beneficiaries are expected to receive their loans by next week.
Piñol said beneficiaries will start with victims of typhoon Nina.