Senate approves bicam report on bill improving farmers’ access to financial services, training programs Know more:
With the end in view of enhancing access of agricultural communities to financial services and programs that increase productivity, the Senate ratified last week the bicameral conference committee report on the bill repealing Republic Act No. 10000 or the Agri-Agra Reform Credit Act of 2009.
Villar said concerns were raised because banks would rather pay penalties than lend money to farmers, fisherfolk, and other agricultural stakeholders. She said more than increasing penalties to ensure bank compliance, she finds merit in the proposal to consolidate the loan allocation for farmers and fisherfolks and agrarian reform beneficiaries .
The financing system shall consist of loans and investments to finance activities that enhance productivity and increase the income of an agricultural and fisheries household, thereby promoting agricultural sector productivity and competitiveness, as well as sustainable development of rural communities.
Banks may comply with the mandatory credit requirement by lending to rural community beneficiaries to finance agricultural and fishery-related activities or comply with the requirement through other means such as lending for the construction and upgrading of infrastructure, including but not limited to, farm-to-market roads, as well as the provision of post-harvest facilities and other public rural infrastructure that will benefit the rural community.
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