Agriculture remains to be the pillar of the economy of the Philippines. The government, together with the private companies, continue to improve agriculture through providing credit and financial assistance programs to farmers and fisherfolks.
Here are some financial assistance programs in agriculture that are available to help start-up farmers and fisherfolks. These programs are provided by different agencies and organizations from private and public sectors.
Financial Assistance Programs from DA
1.Production Loan Easy Access (PLEA)
PLEA is a financial assistance program by the Department of Agriculture. It offers non-collateralized loans for small farmers and fishermen through cooperative banks, cooperatives, farmers and fisherfolk organizations, non-government organizations (NGOs) as lending conduits. Recently, a report obtained from Business World said that PLEA has disbursed P1.7 billion worth of loans to farmers since it was launched in June 2017 ( See full story here: https://www.bworldonline.com/agriculture-loan-repayment-rate-falls-due-to-calamities/ ).
More details about the PLEA program (http://www.acpc.gov.ph/production-loan-easy-access-plea-program-continues-expansion/ ).
2. Agrarian Product Credit Program
A program of DA and Landbank of the Philippines. This aims to finance the farm inputs in growing crops; provide working capital for agri-enterprise and livelihood projects; and to purchase tools, equipment and machineries (https://www.landbank.com/agrarian-production-credit-program).
3. Survival and Recovery Assistance Program (SURE)
“SURE implemented with partner conduits that target calamity-affected farmers and fisher folks whereas ACEF had the Land Bank of the Philippines (LANDBANK) as a credit facility serving the agri-fishery sector in procurement of necessary equipment.” ( See report: https://www.bworldonline.com/giving-credit-the-government-and-the-countrys-agriculture-sector/).
4. Sikat Saka Program
“DA’s Sikat Saka Program offers a direct credit window from LANDBANK and integrated support from the Department of Agriculture to small palay farmers to improve their creditworthiness and the viability of crop production.” ( See full details here: https://www.landbank.com/sikat-saka)
5. Program for Unified Lending to Agriculture (PUNLA)
A financial assistance which which focused mainly on the extension of credit to farmers and fishermen in the
poorest provinces ( http://www.acpc.gov.ph/program-for-unified-lending-to-agriculture-punla/ ).
6. Cooperative Banks Agri-Lending Program II (CBAP-II)
“CBAP is an innovation in credit delivery which employs a depository mode of credit delivery wherein special time deposits (STDs) are placed directly in partner cooperative banks, eliminating the need for a wholesaler, resulting in lower interest rates to small farmers and fisherfolk. (https://www.officialgazette.gov.ph/2015/10/05/agriculture-fisheries-financing-program/).
7.Climate Change Adaptation (CCAFP)
CCAFP is a program under AFFP of DA. The Agriculture and Fisheries Financing Program (AFFP) aims to help contribute to the attainment of inclusive growth through financial inclusion of the unbanked and under-banked sectors in agriculture. Moreover, CCAFP provides credit facility for climate change-resilient methods and technologies.
(See full report here:http://www.acpc.gov.ph/affp-climate-change-adaptation-financing-program-ccafp/).
8. Landbank Agri-Financing Program
“The LANDBANK Agricultural and Fisheries Financing Program (AFFP) provides small farmers and fishers access to formal credit to finance their economic activities.This program is for the Non-Agrarian Reform Beneficiary Small Farmers and Small Fishers (NASFSF)”. ( See full report here:https://www.landbank.com/AFFP).
9. Value Chain Financing Program
This program aims to improve credit access from institutional sources of small farmers participating in agribusiness value chain (http://www.acpc.gov.ph/da-acpc-postbank-to-implement-agri-value-chain-financing/).
Other financial assistance programs
1.People’s Survival Fund (PSF) and Municipal Development Fund (MDF)
People’s Survival Fund (PSF), which was set up to implement climate change-adaptation projects in vulnerable communities and Municipal Development Fund (MDF) administered by the DOF’s Municipal Development Fund Office (MDFO), which provides affordable loans to LGUs to let them improve the delivery of basic services through the construction of water systems, roads and other infrastructure projects
Agronomika Finance Corporation is an innovative finance company dedicated to deliver fair and transparent financial products and services to farmers and value chain operators in the Philippines ( See full more details here https://www.agronomikafinance.com/ ).