The DBP and the DA have teamed together to increase financial assistance distribution.
The state-owned Development Bank of the Philippines (DBP) and the Department of Agricultural (DA) have signed a memorandum of arrangement (MOA) to make financial support to the agriculture sector easier to distribute.
According to DBP president and CEO Emmanuel Herbosa, the bank will provide disbursement channels to implement the DA’s initiatives on direct cash or loan interest rate subsidy and other forms of assistance to qualified agro-fishery enterprises, agriculture cooperatives, farmers, fisherfolk, and other agricultural workers under the agreement.
In a statement released Friday, Herbosa stated, “(The) DBP and DA will continue to work on an extended partnership to boost the development potential of agribusinesses toward meaningful economic growth for local communities.”
Beneficiaries of various DA programs may receive funding assistance via direct credit to their DBP accounts and/or other banks’ accounts/electronic money issuers (EMI) and other BSP-supervised financial institutions via electronic funds transfer channels such as PhilPASS and DBP-accredited payout outlets under the MOA.
For the project’s effective execution, Herbosa said the DBP will work closely with the Rural Bankers Association of the Philippines and other EMIs.
Starting with the second round of rice farmers’ financial assistance worth PHP5,000 each, which will be disbursed in the last quarter of the year, the DA will introduce an “interventions monitoring card” that will serve as an identification card to access government assistance for farmers enrolled in the farmer’s registry.
“(The) DBP shares the DA’s goal of supporting the socio-economic well-being of all Filipinos, particularly those working in the agricultural sector,” Herbosa added. “We are dedicated to providing quicker, more reliable, and secure distribution methods to help the national government execute much-needed financial interventions.”