Presidential Communications Operations Office

  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Sunday, 18 April 2021 News Before 1 Feb 2012. Click for Latest
Web PIA  
PBB Guidelines 2016
Click to Open
PIA Snapshot

PIA Online
One Mindanao eNewsmagazine
One Visayas eNewsletter
One Luzon eNewsmagazine
ST@R eNewsmagazine
PIA Members Only:
PMIS | PANP Phone Directory
PIAEA Corner:
Application | View PIAEA Site
Special News Editions:
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
PIA News Archive:
Information to Empower Filipinos
English NewsFoto ArchivesRegional WatchOFW Watch
FrontpageHeadlines by RegionNews ArchivePIA SpecialsICT News

PIA Press Release
Saturday, January 28, 2012


DA, LBP extend initial P400M Loan to rice farmers

by Jerome Carlo R. Paunan

QUEZON CITY, Jan. 28 (PIA) -- The Department of Agriculture (DA) and Land Bank of the Philippines has forged an agreement to launch a P400 million loan program for rice farmers in four pilot provinces.

Agriculture Secretary Proceso J. Alcala and LBP President and CEO Gilda E. Pico launched the loan program as one of the credit components of the Aquino administration’s food security flagship program, aptly called, "Food Staples Sufficiency Program (FSSP)."

The DA and the LBP shared P200M each to come up with the initial P400 million loan program that will be initially implemented this 2012 dry season in four major rice-producing provinces of Isabela, Nueva Ecija, Iloilo and North Cotabato.

It will initially serve farmers who are members of Irrigators’ Associations (IAs) of good standing. They could borrow a maximum of P42,000 per hectare per cropping, if they will plant hybrid rice, and P37,000 per hectare for those who will produce inbred rice.

The initial P400 million will serve approximately 2,000 farmers per province, for a total of 8,000 farmers.

To quality, IA members should at least own one hectare or up to five hectares of irrigated land, which will be used as a “table collateral” for their loan.

Other loan requirements include a farm plan and budget, purchase order from National Food Authority or National Agribusiness Corporation, and a promisory note for the amount borrowed. Applicants should have no existing palay production loan.

Borrowers will be charged 15 percent interest per annum, inclusive of crop insurance, payable within six months.

Declining interest will be applied to borrowers who establish good credit standing. For the first two cropping cycles, the interest rate will be pegged at 15 percentwhich will be reduced by 1 percent every succeeding cycle, starting from the 3rd cycle up to the 6th cropping cycle.(DA/RJB/JCP-PIA NCR)

Latest Stories
  • DOST project beneficiary produces biggest 'ulang' (R02)
  • Solar energy to light up 75 more houses in off-grid areas in NegOr (R07)
  • DA plans to use Mindanao program in Luzon (R11)
  • DSWD 1 marks its 61st anniversary celeb in February (R01)
  • 500 poor families get 'bags of blessing' (R06)
  • Close to 200 Negros Occidental police officers get promotion (R06)
  • NGO urges public to collect, propagate seeds to create native tree forests in CV (R07)
  • Police Information Officers receives commendation medals (R06)
  • DSWD brings Pantawid Pamilya program to Dumaguete City (R07)
  • LGU issues guidelines on use of municipal filling station (CAR)
  • NGO to hold free breast, cervical cancer screening (R07)
  • Aklan detainees trained on proper waste management (R06)
  • Hiligaynon news: DOLE 6 may bag-o nga direktor (R06)
  • Mangrove tree planting to highlight World Wetlands Day (R06)
  • Balikbayan finds ulang production profitable (R02)
  • Hiligaynon news: Impormasyon sa populasyon sa Iloilo nagapakita pagkinahanglan sa pagmanehar sing maayo (R06)
  • Various activities to mark World Wetlands Day in Iloilo (R06)
  • Tagalog News: Tapul Reef, ipinapadeklarang fish sanctuary (MIM)
  • Hiligaynon news: Alert Level sa Yemen napanubo sa level 2 – DFA (R06)
  • P118-M worth of Infra projects implemented by Dipolog in 2011 (R09)
    GOOD NEWS Series
    PIA Special Sites:

    ASEAN Philippines

    Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
    For comments and feedback, please email PIA Newsdesk
    Copyright © 2005 Philippine Information Agency
    PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines