DA grants P18M loan to Dalaguete farmers

The Department of Agriculture is extending an P18-million loan to vegetable farmers in the municipality of Dalaguete, Cebu.

DA Secretary Emmanuel Piñol announced in his official Facebook account that the loan will not require a collateral and with only a 6 percent annual interest.

Last week, Piñol met with farmers in the vegetable producing town of Dalaguete in a dialogue.

"During the dialogue which I usually do with farmers, I was once again confronted by the very basic problem many farmers and fisher folks face - easy access to credit," the DA chief shared.

"The farmers who own marginal lands but produce quality vegetables which are sold in Cebu City and the nearby islands, including Manila, said they were paying an interest of 10 percent monthly for the money that they borrow to buy seeds, farm inputs and farm equipment," he said.

He added: "That is a whopping 120 percent interest on a yearly basis and that explains why farmers have remained poor."

He said it was in Dalaguete where he felt the needs of the upland farmers of Cebu.

He also responded to farmers' requests for roads, water hose, drums and minor needs.

Piñol said the DA through the Agricultural Credit Policy Council (ACPC) will extend the Production Loan Easy Access (PLEA) program to Dalaguete farmers.

It will be a no-collateral loan with a 6 percent interest per year which will go to their cooperative or the rural bank which will managed the credit.

Dalaguete is the top producing town in Cebu.

It is considered as Cebu’s vegetable basket. —