Iloilo farmers suffer from crop failures but receive survival loans
Agriculture Secretary Emmanuel Piñol said that 80 of the 381 farmers from the towns of Miagao and Oton in Iloilo suffered from crop failures in their bulb onion farming this season, prompting the government to provide survival loans.
The unlucky 80 who lost their crops to drought and other natural calamities recently received insurance payments from the Philippine Crop Insurance Corporation amounting to P971,000, Piñol said.
The insurance payments, however, went directly to the Rural Bank of Miagao, the conduit bank, to cover the loans they obtained under the Production Loan Easy Access (PLEA).
In addition to the insurance coverage, each of the 80 farmers who suffered crop losses will be granted a P25,000 emergency loan called Survival and Recovery Loaning Program.
“SURE Loaning, which I personally conceptualized along with the PLEA is granted to farmers, fishermen and other agriculture stakeholders who suffer losses because of natural or man-made calamities,” Piñol said.
“It is granted without collateral and zero Interest payable in three years and is intended to help the victims recover from their losses,” he added.