The Philippines and the Department of Agriculture, through the Agricultural Credit Policy Council (ACPC), signed a memorandum of agreement to extend financial support to small farmers and fishers affected by the Covid-19 pandemic.
Agriculture Sec. William D. Dar and Landbank President and CEO Cecilia C. Borromeo led the virtual MOA signing to implement the expanded SURE Aid and Recovery Project (SURE Aid Covid-19), which will provide an immediate one-time, zero-interest, no collateral loan assistance of P25,000, payable in 10 years, to eligible small farmers and fishers nationwide.
Funded under Republic Act 11494 or the Bayanihan to Recover as One Act, the P1 billion SURE Aid Covid-19 aims to finance the emergency and production capital requirements of small farmers and fishers whose livelihood and income are affected by the pandemic.
This will help the beneficiaries to continue their agricultural activities and contribute to sustained food production.
“We will continue what we have started because it is our moral obligation to provide food for all Filipinos, and we start by helping our frontliners and countryside heroes – the farmers and fisherfolk. We want to make sure that we have enough food during the pandemic, and we would like to believe that we can survive and reboot Philippine agriculture,” Dar said.
Under the agreement, Landbank will administer the SURE Aid Covid-19 loan to as many as 40,000 farmers and fishers, to be released in lump sum through the borrower’s Landbank deposit account or cash card. For its part, DA, through its regional offices and the Bureau of Fisheries and Aquatic Resources regional offices will provide the validated list of eligible beneficiaries for the loan assistance.
“We thank the Department of Agriculture under the leadership of Sec. Dar for choosing Landbank yet again as partner in the delivery of timely, responsive, and non-interest bearing financing for small farmers and fishers Borromeo said. – Press release
