Access to loans remains a problem for farmers, fisherfolk and small and mid-sized entrepreneurs, the Philippine Chamber of Commerce and Industry (PCCI) said Tuesday.
PCCI president Miguel Valera noted that farmers – particularly those from the coconut sector – fail to get bank financing due to stringent rules and requirements.
Farmers from Mindanao mostly bear the brunt of the financing problem, the PCCI president added.
But the Department of Agriculture (DA) said there are funds to finance farm loans.
Agriculture Assistant Secretary Salvador Salacup said farmers can borrow loans from the department’s P7.4-billion guarantee fund at the Land Bank of the Philippines.
Salacup added that the Agricultural Competitiveness Enhancement Fund has been available to finance loans since 2010. — VS, GMA News