The Department of Agriculture (DA) on Thursday said it has approved a P2-billion loan portfolio to attract young Filipino students and entrepreneurs to venture into agriculture, fishery or agribusiness.
In a news statement, the DA said the Agricultural Credit Policy Council (ACPC) Governing Council approved two lending programs that seek to encourage the youth to invest in the agriculture sector.
The two programs, with each having an initial budget of P1 billion; are called the Young Agripreneurs Loan Program (YALP), and Micro and Small Agribusiness Loan Program (MSALP).
The two programs were approved by the ACPC Governing Council during its 67th Meeting last January 8. The ACPC is an attached agency of the DA.
Under the YALP program, agri-fishery graduates and young hobbyists aged 15 to 30 years old could borrow start-up funds of up to P500,000 with zero-percent interest, payable in five years, according to the DA.
On the other hand, “agri-preneurs” can borrow a working capital for fixed asset acquisition, from P300,000 up to P15 million, for micro and small enterprises through the MSALP program, the DA added.
The DA said the two programs will be implemented by the DA-ACPC through the Land Bank of the Philippines, ACPC-accredited cooperative banks, rural banks, cooperatives and viable nongovernment organizations.
The two programs would be formally launched by the DA-ACPC before the end of the month.
“This is our way to attract the younger generation of Filipinos to be key players in attaining our vision of a food-secure Philippines with prosperous farmers and fishers,” Agriculture Secretary William Dar, who chairs the governing council, said.
“We have to replace aging farmers with younger blood—our Pinoy millennials—who are the future of Philippine agriculture,” Dar added.
The DA said the ACPC will tap technical experts from the state universities and colleges, DA’s Agricultural Training Institute, and the Department of Trade and Industry to train, and mentor, the young borrowers, and micro and small agri-preneurs, to complement their new loan programs.
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Paano mag avail nung program? Saang department/agency kami pupunta kung gusto namin mag avail? May mga requirements ba?