September release for P1.5-B farmers’ fund

Rice farmers tilling on one-hectare land and below may avail of a one-time, zero-interest loan amounting to P15,000 payable up to eight years

Following the approval of the P1.5 billion expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid) on Thursday, Agriculture Acting Secretary William Dar is optimistic that rice production will improve once the fund is released.

“This loan assistance is a manifestation of the strong desire of the government to help Filipino rice farmers,” Dar said during 66th Governing Council Meeting of the Agricultural Credit Policy Council (ACPC) in Quezon City.

Set to be released on 1 September 2019, SURE Aid is projected to provide loan assistance for immediate relief to rice farmers affected by the reduction or loss of their farm revenue. It is also intended to help them “regain their capacity to continue their production.”

“We will continue to look at measures to improve the living conditions of our rural stakeholders. Rest assured that with RCEF, farmers will increase productivity and earn more,” Dar assured

Dar also noted that the agriculture department will do its part to uplift Filipino farmers.

Rice farmers tilling on one-hectare land and below may avail of a one-time, zero-interest loan amounting to P15,000 payable up to eight years.

To further boost local farmers’ productivity and income, the National Food Authority (NFA) also committed to go on a palay binge-buying spree from local farmers, especially those who availed the loan assistance.

The 1.5 billion SURE Aid will be implemented by the Land Bank of the Philippines (LandBank), which will also implement the rules and guidelines it has jointly crafted with the ACPC.

To recall, local rice farmers lamented the 17 to 34 percent drop of palay farm gate prices in various parts of the country. This was the result of the surge of rice imports following the passage of the Republic Act 11203 or the Rice Liberalization Law.

Following the enactment of the Rice Law, an estimated 1.8 million tons of rice imports have reportedly arrived in the country since January — resulting in an oversupply that forced traders to cut buying prices from local farmers.

According to the state-run Philippine Statistics Authority, farm gate prices plunged by 23 percent from their peak in September last year.

This week, Sen. Francis Pangilinan proposed the agriculture department and its attached agency ACPC to issue P25,000 interest-free loans to farmers by virtue of the SURE Aid.