Farmers, fishermen now have easy access to agri loans

CEBU CITY - The Department of Agriculture (DA) said it is now easy for farmers and fishermen to avail of its loan program to help them improve their productivity.

Dr. Gerry Avila, Central Visayas Agribusiness and Marketing Assistance Division chief, said the program, called Production Loan Easy Access (PLEA), is a special credit facility designed to address the financial needs of marginalized farmers and fisher folk. Through PLEA, farmers and fisher folk can secure loans of up to P50,000 at a low-interest rate of 6 percent per annum, or 0.5 percent per month, depending on the project requirement.

The program is managed by the Agricultural Credit and Balancing Council and entrusted to lending conduits. Initially, the DA has allocated P20 million from the PLEA program for the town of Dalaguete also in Cebu province.

Avila said at least 2,000 households in Dalaguete can avail of the loan package, but only 150 households have so far availed of it since early April this year. PLEA offers non-collateralized loans for agri-fishery production through cooperative banks, cooperatives, farmers and fisher folk organizations, and non-government organizations as credit delivery channels or lending conduits.

The program instils credit discipline and focuses on the marginal farmers and fisher folk. According to Avila, Agriculture Secretary Emmanuel Piñol wants all marginal and small farmers and fisher folk in the country to avail of the PLEA program.

One of the conduits in Cebu province is the People's Multipurpose Cooperative, where interested farmers will just go and present their proposed plans. After evaluating the proposed project, the coop will decide if the farmer is eligible for release.

The DA and the People's Multipurpose Cooperative urged all small farmers and fishermen to avail of the PLEA program, which also aims to contribute to President Rodrigo Duterte’s goal to reduce poverty in the country by 2022. (Luel Galarpe and Bebie Jane Casipong.)