By Mike Crismundo
BUTUAN CITY – Agriculture Secretary Emmanuel F. Piñol on Friday extended assistance through the Department of Agriculture’s (DA) Production Loan Easy Access (PLEA) program.
The PLEA program has a very minimal interest rate compared to other lending institutions, the DA secretary said.
He said a farmer can secure a loan of P15,000 at 6% per annum or 0.5% per month based on the project requirement and repayment capacity of the borrower, as evaluated by the lending conduit.
The loan is payable in a span of 2 to 10 years, depending on the commodity or project of which the 6% interest payment will go directly to their cooperative.
“Ang inyo lang buhaton magparehistro kamo sa atong ahensya ug makadawat na kamo sa inyong ID nga ‘Juan Magsasaka’ ug makakuha na kamo sa inyong loan, bisan wala kolateral” (You only need to attend an orientation in our agency so that you will be registered as a bonafide farmer then receive your ‘Juan Magsasaka’ ID to be qualified to avail of the loan without any collateral), the DA secretary said, before a crowd of farmers and fisherfolks in Mainit, Surigao del Norte on Friday.
The DA secretary announced the P5 million initial release of the PLEA program for the town of Jabonga, Agusan del Norte while another P5 million for the town of Mainit.
Piñol also announced that the fishermen can also avail of the same assistance from the agency’s PLEA program.
PLEA is a special credit facility designed to address the financial needs of marginal and small farmers and fishermen for a fast, convenient and affordable credit.
Non-collateralized loans for farmers and agri-fishery production will be provided under the PLEA through rural banks, cooperative banks, cooperatives and non-government organizations as credit delivery channels or lending conduits.