Sugar board fast tracking SIDA implementation

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BACOLOD CITY: Faced with another possible budget cut for under-utilization of its funds, the Sugar Regulatory Administration is fast tracking various programs of the Sugarcane Industry Development Act (SIDA) focusing on the socialized credit program. Emilio Yulo said the P2-billion annual SIDA allocation under the General Appropriations Act has not been fully used. “We have threshed out the mechanics with the Land Bank of the Philippines to use the money for credit financing,” Yulo, member of the Sugar Board, added. Under the SIDA, the sugar industry gets an annual budget of P2 billion of which 50 percent is set aside for infrastructure, 15 percent for block farms, 15 percent for socialized credit, 15 percent for research and development and five percent for scholarships for children of sugar farmers.

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