Farmers whose livelihood was impaired by Typhoon Lando should be given access to loans, said Sen. Ferdinand “Bongbong” Marcos Jr.
The senator called on the Department of Agriculture and concerned government lending institutions to facilitate the access of these farmers to cheap credit so they can saved from sinking deeper into debt trap.
“Our farmers in areas affected by Lando are in a very bad situation: floods submerged their crops and now they are in sinking deeper into their debts, mostly from local loan sharks,” Marcos lamented.
Marcos said that while there are existing government facilities for cheap credit to farmers, many of them do not take advantage of it either because they are not familiar with the processes, they find requirements cumbersome, or they lack the collateral needed to secure such loans.
Likewise, Marcos noted that at this time the affected farmers are likely devoting their attention first to the repair of their damaged homes, securing food, and the safety of their family.
“That is why the government should bring cheap credit to their doorsteps and as much as possible the requirements should be relaxed to enable our farmers to get fresh capital and enable them to start their lives anew,” Marcos said.
Earlier, Marcos enumerated various programs for cheap credit to farmers including the “Sikap Saka” of the DA and the Agro-Industry Modernization Credit and Financing Program, Agri-Microfinance Program and Cooperative Banks Agri-Lending Program under the Agricultural Credit Policy Council.