Lending conduit receive checks for PLEA program

BUSINESS
November 8, 2017

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Department of Agriculture-Regional Field Office 10 (DA-RFO 10) in collaboration with the Agricultural Credit Policy Council (ACPC) has turned over Php 54.43M worth of checks to the lending conduits in the pilot province of Bukidnon on October this year..

The turn-over ceremony was done at the Northern Mindanao Agriculture Crops and Livestock Research Complex (NMACLRC), Dalwangan, Malaybalay City.

Led by OIC Regional Director Carlene C. Collado and ACPC Director Cristina G. Lopez, Team Leader for Bukidnon, the checks were given to three lending conduits: Sta. Monica of Pangantucan Multi-Purpose Cooperative of Pangantucan, Bukidnon (Php9.95M), Mindanao Consolidated Cooperative Bank (MCCB) with Cagayan de Oro and Misamis Oriental as their service areas (Php40M), and Lumintao Farmers Multi-Purpose Cooperative (LUFAMCO) of Quezon, Bukidnon (Php4.48M).

The amount of money entrusted to conduits were intended for the Production Loan Easy Access (PLEA) program of DA which aims to empower farmers and fisherfolks by providing them easy access to credit that intends to finance production of crops, livestock, poultry and fishing activities with minimum requirement.

The said PLEA program has a very minimal interest rate compared to other lending institutions. Its loan limit is up to Php50,000 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.

With the implementation of the program, the government anticipated the abundance and economical food for Filipino people.

In his message, Director Collado pointed out that the PLEA program is a DA initiative conceptualized by the DA Secretary Emmanuel F. Piñol, himself.

In addition, he encouraged the farmers to manage their funds properly.

“Don’t waste this privilege given to you as this is just one program of the government that will help improve your livelihood,” he mentioned.

“We would like to thank the DA and ACPC for entrusting us this loan. This is really a big help to us small farmers and we hope that with the minimal interest, we would be able to pay our loans on time,” said Thelma Aguilar, Manager of LUFAMCO.

Furthermore, the event was attended by Provincial Agriculturist Engr. Alson Quimba, Deputy Provincial Agriculturist Jacqueline Lagamon, officers and members of the above-mentioned cooperatives and coop banks and DA-ACPC staff.


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