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P500 million set for unsecured, zero-interest loans to assist farmers, fisherfolk after storm

A ZERO-INTEREST mortgage program with a finances of P500 million is being ready for farmers and fisherfolk whose livelihoods have been broken by Storm Odette (worldwide identify: Rai), together with P75 million for Northern Mindanao, or Area X.

The Division of Agriculture’s Area X Government Director Carlene C. Collado mentioned in a press release that last particulars of the phrases of the unsecured three-year loans are nonetheless being decided, together with the utmost mortgage quantity.

The loans will probably be provided by the Agricultural Credit score Coverage Council (ACPC) below a program intending to supply “survival and restoration help.” Timelines for the applying interval and mortgage launch haven’t been set.

“The mortgage is meant to supply aid and assist in rehabilitating the farming and fishing actions of affected farmers and fishers via credit score for the acquisition of inputs, restore of farm and fishery property, and acquisition of livestock and work animals,” ACPC Program Improvement Division Chief Noel Clarence M. Ducusin mentioned.

Precedence for the loans will probably be given to small farmers and fisherfolk listed on the Registry System for Primary Sectors in Agriculture. — Luisa Maria Jacinta C. Jocson

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