On Friday, Malacanang disputed reports circulating on social media that the government would impose martial…
Agra and fishery sectors are to be boosted by a new law: Palace.
According to Malacanang, the new law extending finance to farmers and fishermen will promote those industries.
In a Facebook post, Trixie Cruz-Angeles, the press secretary, claimed that RA 11901 would increase competition in the fishery and agriculture sectors.
The Department of Agriculture will have more opportunities to boost the productivity and competitiveness of the agriculture and fishery sectors thanks to the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022, also known as Republic Act 11901, she wrote in a post on Thursday.
The expiration of RA 11901, which became law in July, increases farmers’ and fishermen’s access to programs and financial services that are inexpensive.
Beneficiaries in rural communities can now get loans to fuel their agricultural and fishing-related endeavors according to the new law.
Financial institutions are required by RA 11901 to provide loans and investments “to finance activities that shall enhance productivity and increase the income of an agricultural and fisheries household, thereby promoting agricultural sector productivity and competitiveness, as well as sustainable development of rural communities.”
Cruz-Angeles pointed out that the Agricultural Credit Policy Council (DA-ACPC) of the Department of Agriculture (DA) has already given out loans totaling PHP24.09 billion to around 408,834 farmers and fishers.
She claimed that from 2019 to 2022, the DA-ACPC would work with financial institutions as conduits.
Cruz-Angeles stated that “DA-ACPC will continue to offer credit programs with flexible lending conditions.”
More agri-fishery stakeholders are anticipated to gain from RA 11901 in the upcoming months, the DA stated on August 11.
The law requires banking institutions to create and provide financial services and products that are tailored to the unique needs of their agricultural clientele.
The Bangko Sentral ng Pilipinas has also promised to see to it that RA 11901 is implemented in order to meet the needs of the recipients in rural communities.
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