A ZERO-INTEREST loan program with a budget of P500 million is being prepared for farmers and fisherfolk whose livelihoods were damaged by Typhoon Odette (international name: Rai), including P75 million for Northern Mindanao, or Region X.

The Department of Agriculture’s Region X Executive Director Carlene C. Collado said in a statement that final details of the terms of the unsecured three-year loans are still being determined, including the maximum loan amount.

The loans will be offered by the Agricultural Credit Policy Council (ACPC) under a program intending to provide “survival and recovery assistance.” Timelines for the application period and loan release have not been set.

“The loan is intended to provide relief and aid in rehabilitating the farming and fishing activities of affected farmers and fishers through credit for the purchase of inputs, repair of farm and fishery assets, and acquisition of livestock and work animals,” ACPC Program Development Division Chief Noel Clarence M. Ducusin said.

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

SOURCE: https://www.bworldonline.com