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P3B in loans released

The Department of Agriculture, through the Agricultural Credit and Policy Council, released almost P3 billion in loans under the Expanded Survival and Recovery Assistance Program for Rice Farmers, and the Recovery Project for micro and small enterprises, and small, marginal farmers and fishers adversely affected by the quarantine measures.

Executive director Jocelyn Badiola said yesterday that they have continued to serve borrowers from the agricultural sector to finance their emergency and production requirements.

Badiola added that, as of April 2021, the government’s Covid Sure Aid has released P2,897,496,947.

For small farmers and fishers borrowers, the amount released reached P2,057,965,000, with 82,113 total borrowers nationwide.

The P25,000 maximum loanable amount per household has zero interest and is payable in 10 years.

For the micro and small entrepreneurs, the DA-ACPC allows up to P10 million of loan per borrower with zero interest and also payable for 10 years.

Badiola said this is to provide the working capital requirement of duly-registered agri-fishery MSEs to ensure the availability of food supply and help them recover their losses incurred from the effects of the community quarantine.

Socioeconomic Planning Secretary Karl Kendrick Chua, meanwhile, said the government has allocated P2.5 trillion this year as part of the three-pronged approach for economic recovery.

At the Job Summit organized by the Task Group on Economic Recovery-National Employment Recovery Strategy on Labor Day, Chua said the total budget for economic recovery this year is equivalent to 14 percent of the country’s gross domestic product.

“In fact, the 2021 budget was designed to achieve our economic recovery alongside other complementary measures,” he said.

Chua, who is also the National Economic and Development Authority director-general, said about P2 trillion, or 11.3 percent of GDP, will come from the 2021 General Appropriations Act.*PNA

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