MANILA, Philippines – Eligible small farmers and fishers will now be able to avail of either agricultural production or microfinance loans with an interest rate of 15 percent per annum following approval by the Agricultural Credit Policy Council (ACPC) of the depository mode scheme of the Agro-Industry Modernization Credit and Financing Program-Cooperative Banks Agri-Lending Program (AMCFP-CBAP).
An initial fund of P400 million has been allocated for the program, which will be implemented in areas where participating cooperative banks operate.
According to ACPC executive director Jovita M. Corpuz, the ACPC has eliminated one layer in the current wholesaler-retailer scheme, resulting in lower interest rates.
“The depository mode scheme offers a pass on rate to borrowers at a maximum of 15 percent per year. This is much lower than the interest rates offered in our other programs,” Corpuz said.
She explained that under the said scheme, eligible cooperative banks will be given a stable, low-cost funding support, in the form of special time deposits, which will have a one-year maturity with a maximum interest of three percent per annum.
“The earnings from these special time deposits can be used to finance loans for small farmers and fisherfolk, in addition to the banks’ existing appropriate and incremental agricultural loan portfolio,” she said.
Corpuz said that should there be any “material adverse change in the financial condition or in the regulatory assessment of the cooperative bank, the special time deposit shall be due and demandable at anytime.”
As part of the guidelines, participating cooperative banks must also disburse the proceeds of the special time deposits to eligible farmers/fisherfolk borrowers within 90 days from the receipt of the deposit.
Rice, corn, fishery, and other high value crops prioritized by the Department of Agriculture will be financed under the program.
The ACPC is composed of the Secretaries of the Departments of Agriculture, Finance, and, Budget and Management; the Governor of the Bangko Sentral ng Pilipinas and the Director-General of the National Economic and Development Authority. –Marianne V. Go (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
