PH moves to train farmers to be financially literate
Agriculture Secretary Emmanuel Piñol has instructed the Agricultural Training Institute (ATI) to develop a module that would prepare farmers and fishers in the efficient management of their finances, a statement showed.
The Financial Literacy program, which will be undertaken by ATI in close coordination with the Agricultural Credit Policy Council (ACPC), will educate farmers, fishers, livestock raisers, vegetable growers and other agricultural stakeholders in organizing their budgetary operations to allow them to wisely spend for their projects and earn higher income.
Piñol’s order is part of the masterplan to maintain the high repayment success rate of the loan programs launched by the Department of Agriculture (DA) under the ACPC.
The current repayment success of DA loans is posted at 96 percent.
“The government has money to lend to you but we need assurance that you will pay your dues so that others may benefit as well,” Piñol told the farmers.
Piñol said that the ACPC, to date, has P400 million fund credit ready under the Farm Equipment and Postharvest Facility Loan Program.
The said credit facility is available to farmers’ and fishers’ associations and cooperatives at 2 percent interest, payable in eight years, without collateral.