Home » News » News Roundup » New Roundup » Regional » DA hands P15-M for credit program

DA hands P15-M for credit program

By: Ellalyn De Vera-Ruiz

The Department of Agriculture (DA) has turned over an initial P15 million worth of check that can be utilized through a credit program for marginal farmers and fishers in Surigao del Norte.

DA Secretary Manny Piñol and Agricultural Credit Policy Council (ACPC) Executive Director Jocelyn Alma Badiola led the launching of the Production Loan Easy Access (PLEA) program in the town of Malimono, Surigao del Norte last Friday.

Piñol turned over a check amounting to P15 million to the Malimono Multipurpose Cooperative, which will serve as the lending conduit for the municipality. Passbooks and intervention cards were handed to farmer and fisherfolk beneficiaries of the program.

PLEA is a special credit facility designed to address the financial needs of small farmers and fisherfolk for a fast, convenient and affordable credit.

The program was launched for the first time in the town of Malimono, which is considered as one of the country’s poorest fishing and agriculture area with a poverty incidence per family of 90 percent.

The P15-million initial fund will be downloaded to the Malimono Multipurpose Cooperative as initial fund for the program.

The program is expected to revitalize the rural economy and address poverty in the countryside.