NextGen Day

On Monday, the Antique Provincial Board approved a resolution calling for grants of rural credit to underprivileged farmers and fishermen in order to increase productivity.

The board plans to enlist the assistance of the Department of Agriculture’s Agricultural Support Service Unit (DA-ASSU) in order to provide rural credit to the province of Antique’s marginalized farmers and fishermen, who are finding it difficult to obtain loans from banks because they require collateral.

According to Board member Rony Molina, who supported the resolution, “The farmers and fisherfolks, because of their lack of the requisite collateral, could not be given priority in a bank credit facility and so if the DA-ASSU could provide a rural loan, then it would be a tremendous help for them.”

The Rural Credit Law requires all financial institutions, public or private, to set aside at least 25% of their total loanable funds for agriculture and fisheries in general and at least 10% of the loanable funds for agrarian reform.

However, Molina claimed that many Antique farmers and fishermen are frequently excluded from or struggle to obtain bank loans due to the necessary collateral.

As a result, farmers and fishermen need rural loans, which the DA might offer as a capital option to boost and increase their productivity.

He also emphasized the necessity for rural credit, pointing out that it takes time to establish an agricultural industry from seed to harvest to sale to recovery.

The credit can be utilized to purchase the equipment, fertilizer, and insecticides they require, as well as fishing equipment and small sari-sari store capital.

The official stated that fishermen are compelled to travel to the sea despite bad weather because they lack the funds to support their families.

Additionally, Molina stated that they would look to the DA for assistance in order to give farmers and fishermen “cropping knowledge and skills to increase productivity and give better access to market information, agricultural support service, including rural credit services to help the agricultural sectors in the country.”

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