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Manila Bulletin devider Business devider Philguarantee, CARD forge partnership to boost agri loans

Philguarantee, CARD forge partnership to boost agri loans

Published Aug 28, 2023 07:16 am

At A Glance

  • The Philippine Guarantee Corp. (Philguarantee) and the Center for Agriculture and Rural Development (CARD) Inc. have partnered to promote sustainable agriculture practices and drive economic growth in rural areas.<br>Philguarantee will provide guarantees to CARD, enabling it to offer better financial services to farmers.<br>The pilot program will be implemented in Nueva Ecija, benefiting around 180,000 small-scale farmers and fisherfolk with approximately P3.5 billion worth of agricultural loans.<br>The support from Philguarantee reflects the commitment of both organizations to uplift the agriculture sector and assist the "unsung heroes of the nation."

State-owned Philippine Guarantee Corp. (Philguarantee) has teamed up with the Center for Agriculture and Rural Development (CARD) Inc. to provide support to the local farming sector.

Alberto Pascual, Philguarantee president and chief executive officer, announced the signing of a guarantee agreement with CARD to promote sustainable agricultural practices and drive economic growth in rural areas.

To kickstart their collaboration, they have chosen Nueva Ecija as the pilot location for implementing their initiatives. 

Under this pilot program, CARD aims to release approximately P3.5 billion worth of agricultural loans to benefit around 180,000 small-scale farmers and fisherfolk in Nueva Ecija.

“Today’s agreement demonstrates the commitment of both organizations to support and uplift these crucial sectors and the hardworking individuals and communities they represent,” Pascual said in a statement.

Jaime Aristotle Alip, CARD founder and chairman emeritus, meanwhile, expressed his appreciation for the support from Philguarantee.

He said it would enable CARD to expand its agricultural lending activities in rural areas.

“I think Philguarantee is in the best position to help us achieve our objectives, and we are committed to supporting the program, especially benefitting the agriculture sector,” Alip said.

Emmanuel Torres, Philguarantee senior vice president of Philguarantee, said the guarantee being provided reflects the strong dedication of both organizations to uplift the agriculture sector. 

He said this support will assist the "unsung heroes of the nation" and further promote their welfare.

“Through the PHILGUARANTEE AGFP [Agriculture Guarantee Group] guarantee, we create a safety net that enables our partner financial institutions like CARD to continue investing in our smallholders,” Torres said. (Gabriell Christel Galang)

Related Tags

PhilGuarantee Agriculture sector Philippine Guarantee Corp.
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