THE WAY FORWARD │ Level Up Philippine Agriculture!

DA allots P2B for youth agripreneurship programs

Author: DA Communications Group | 9 January 2020

The Department of Agriculture through the Agricultural Credit Policy Council (DA-ACPC) is offering an initial P2 billion that young students and entrepreneurs can borrow to start any agriculture, fishery or agribusiness venture.

“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,” said Agriculture Secretary William Dar.

“We have approved an initial P2 billion to implement two lending programs, namely the Young Agripreneurs Loan Program (YALP), and Micro and Small Agribusiness Loan Program (MSALP) — with an initial budget of P1B each, during the DA-ACPC 67th Governing Council Meeting on January 8, 2020,” said Secretary Dar.

“We have to replace aging farmers with younger blood — our Pinoy millennials — who are the future of Philippine agriculture,” added the DA chief, who chairs the ACPC governing council.

Eligible to avail of YALP loans are agri-fishery graduates and young hobbyists, aged 18 to 30 years old. They can borrow start-up funds of up to P500,000, with zero interest, payable in five years.

On other hand, under the MSALP, agripreneurs can borrow working capital or for fixed asset acquisition, from P300,000 up to P15 million, for micro and small enterprises.

The two programs will be implemented by the DA-ACPC through the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), ACPC-accredited cooperative banks, rural banks, cooperatives, and viable non-government organizations (NGOs).

They will be launched formally before the end of January 2020, said DA-ACPC Executive Director Jocelyn Badiola.

“This has been one of my advocacies. Let us give our Filipino millennials the means to be part of our journey towards agricultural modernization and industrialization,” said Secretary Dar.

To support the two new loan programs, he said the DA-ACPC will tap technical experts from the state universities and colleges (SUCs), DA’s Agricultural Training Institute (ATI), Department of Trade and Industry (DTI), and business development services providers to train and mentor the young borrowers, and micro and small agripreneurs.

Also present during the 67th ACPC governing council were: Monetary Board Member V. Bruce J. Tolentino, representing Bangko Sentral ng Pilipinas (BSP) Governor Benjamin U. Diokno; National Treasurer Rosalia V. De Leon, representing Department of Finance (DoF) Secretary Carlos G. Dominguez; Director Nieva T. Natural, representing National Economic and Development Authority (NEDA) Director-General and Secretary Ernesto M. Pernia; and Director Cristina B. Clasara, representing Department of Budget and Management (DBM) Secretary Wendel E. Avisado.

Serving as resource persons were: LBP President and CEO Cecilia C. Borromeo; LBP Executive Vice President Liduvino S. Geron; LBP Vice President Emellie V. Tamayo; Philippine Guarantee Corporation (PhilGuarantee) President Alberto E. Pascual and Acting Executive Director Emmanuel Torres; DBP First Vice President Paul Lazaro; and BSP Managing Director Lyn Javier and Deputy Director Cynthia M. Sison. ###

 

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Reference:

Noel Ocampo Reyes
DA Spokesperson and Ass’t. Sec.
for Communications & Media Affairs
Mobile – 09204889686 (Smart)
09566694611 (Globe)
Tel – 89298183

For inquiries on the requirements please call:

Noel Clarence Ducusin
ACPC Focal Person on YALP & MSALP
Tel: 863-63392
CP: 0917-515 3392

or

Joel Matira
Tel: 863-63390
CP:

[ADMIN] For inquiries on the requirements please call:

Noel Clarence Ducusin
ACPC Focal Person on YALP & MSALP
Tel: 863-63392
CP: 0917-515 3392
or
Joel Matira
Tel: 863-63390
CP: 0949-8812991

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