DA records 195% repayment rate in Surigao town
Agriculture Secretary Emmanuel Piñol said that fisherfolk of Malimono in Surigao del Norte paid their loans ahead of the maturity date, posting an incredible repayment rate of 195 percent.
This was reported to him by Agricultural Credit Policy Council (ACPC) Executive Director Jocelyn Badiola.
According to Badiola, the 195-percent repayment rate of Malimono farmers and fishermen is the highest posted in ACPC’s history.
Malimono, reported as one of the poorest towns in the whole country, was the pilot area for the launching of the Production Loan Easy Access (PLEA) Program of ACPC in June last year.
An initial loan fund of P15 million was downloaded to a local conduit bank after the farmers and fisherfolk of Malimono completed a one-day workshop and were issued the Department of Agriculture (DA) Program Monitoring ID Cards with digital information gathered through geo-tagging and satellite mapping.
A Project Management Officer (PMO) was then assigned to supervise and handle every PLEA Loan Portfolio.
Right now, ACPC reported a repayment rate of 96 percent under PLEA across 49 provinces in the country.