New lending program launched for small farmers
The Land Bank of the Philippines, in partnership with the Department of Agrarian Reform (DAR) and the Department of Agriculture (DA), has launched a new loan program to increase the income of small farmers especially the Agrarian Reform Beneficiaries (ARBs).
DAR Secretary John Castriciones led the launching of the new lending facility called Accessible and Sustainable Lending Program for Small Farmers or ASL Farmers Program.
The program launch coincided with the distribution of certificates of land ownership awards (CLOA) to ARBs in Bayombong, Nueva Vizcaya.
The ASL Farmers Program is in compliance with Presidential Directive No. 2018-0176 which directs LANDBANK, in coordination with DA and DAR, to reach out to farmers and provide them with financial assistance for their agricultural needs.
“We have high hopes for this program which will make credit very accessible to most Filipino farmers at a low interest rate of 6 percent per annum. This complements LANDBANK’s existing agricultural lending programs, as we strive harder to help small farmers increase their productivity and income,” said LANDBANK President and CEO Alex V. Buenaventura.
The program has three lending modules namely: Module 1 – Lending to Individual Small Farmers and through Agri-based Cooperatives/Associations; Module 2 – Lending through LANDBANK-Assisted Agri-based Cooperatives/Associations; and Module 3 – Lending Farmers Cooperatives through Farmers Corporative Inclusive Financing Program.