CAGAYAN PROVINCE – More than 6,200 rice farmers from this province received cash assistance worth P5,000 each under the Rice Competitiveness Enhancement Fund – Rice Farmers Financial Assistance (RCEF-RFFA) Program from the Land Bank of the Philippines (LANDBANK).
In partnership with the Department of Agriculture (DA), the cash assistance was credited to LANDBANK Intervention Monitoring Cards (IMCs) of beneficiaries from Cagayan, composed of over 3,000 rice farmers from the Municipality of Gattaran, 1,850 from Allacapan, and 1,350 from Aparri.
“LANDBANK is working closely with the DA to deliver cash assistance to rice farmers in the most immediate time. Rest assured that we will continue to complement the National Government’s development agenda towards building a sustainable and resilient agriculture sector,” said LANDBANK President and CEO Cecilia C. Borromeo.
Through the LANDBANK IMCs, the farmer-beneficiaries can withdraw their cash grants from LANDBANK automated teller machines (ATMs) free of charge, cash-out funds from LANDBANK Agent Banking Partners (ABPs), and make cashless purchases in establishments and other accepting merchants via Point-of-Sale (POS) terminals, for the purchase of needed farm inputs.
LANDBANK is also gearing up to deliver IMCs and cash assistance to DA-identified beneficiaries in other Cagayan municipalities, including Buguey, Calayan, Camalaniugan, Lal-lo, Gonzaga, Sta. Ana, and Sta. Teresita.
As of 29 October 2022, LANDBANK has produced more than 126,000 IMCs for RCEF- RFFA beneficiaries, and opened accounts for additional 125,000 farmers for immediate production and distribution of their own cards.
Under the RCEF-RFFA Program, beneficiaries are set to receive P5,000.00 worth of cash assistance each through the LANDBANK IMCs to boost agricultural productivity.
LANDBANK serves as the disbursing arm of the RCEF-RFFA Program, designed to provide responsive financial support to eligible farmer beneficiaries identified by the DA, as part of the implementation of Republic Act No. 11203 otherwise known as the Rice Tariffication Law (RTL).