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MANILA - Lending to marginal farmers and fisherfolk reached P452.4 million in the first six months of the year, according to the Agricultural Credit Policy Council.
In a statement, Jovita Corpuz, executive director of state-run ACPC, said the loans, which benefited 10,288 borrowers, were coursed through the Agro-Industry Modernization Credit and Financing Program.
Among the programs of the AMCFP and their loan releases in the first half are as follows:
- Cooperative Banks Agri-Lending Program, P400.9 million;
- Agri-Microfinance Program, P45.6 million;
- Cooperatives Agri-Lending Program,P4.7 million; and
- Sikat Saka Program, P1.25 million.
Established by the Agriculture and Fisheries Modernization Act or Republic Act No. 8435, the AMCFP has released P1.361 billion in loans, benefiting 84,164 farmers and fisherfolk since 2003.
Corpuz said lending will peak in the second half. “The onset of the wet season towards the second half of the year, which traditionally increases agricultural production for the remainder of the year, is also expected to boost loan availments in the agri-fishery sector,” she added.
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