Journal Online - Marcos: Save stricken farmers from loan sharks

News & Interviews
26 October 2015

By Bernadette E. Tamayo | Journal Online

Featured-Image-Journal-OnlineSenator Ferdinand Marcos Jr. has urged the government to provide affordable loans to farmers affected by typhoon Lando in order to save them from ‘loan sharks.’

He noted that the affected farmers are now focused on repairing their damaged homes, securing food, and the safety of their family.

“Our farmers in areas affected by Lando are in a very bad situation: floods submerged their crops and now they are sinking deeper into their debts, mostly from local loan sharks,” said Marcos.

He said that while there are existing government facilities for cheap credit to farmers, many of them do not take advantage of it “either because they are not familiar with the processes, cumbersome requirement, or lack of collateral needed to secure such loans.”

“That is why the government should bring cheap credit to their doorsteps and as much as possible the requirements should be relaxed to enable our farmers to get fresh capital and enable them to start their lives anew,” said Marcos.

He earlier cited various programs for cheap credit to farmers including the “Sikap Saka” of the Department of Agriculture (DA) and the Agro-Industry Modernization Credit and Financing Program (AMCFP), Agri-Microfinance Program and Cooperative Banks Agri-Lending Program under the Agricultural Credit Policy Council.