State-owned Development Bank of the Philippines (DBP) has signed a memorandum of agreement (MOA) with the Department of Agriculture (DA) to facilitate the disbursement of financial assistance to the agriculture sector.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that under the agreement, the bank shall provide the disbursement channels to implement DA’s initiatives on direct cash or loan interest rate subsidy and other forms of assistance to qualified agri-fishery enterprises, agriculture cooperatives, farmers, fisherfolk, and other agricultural workers.
“DBP and DA will continue to work on an expanded alliance to promote the growth potential of agribusinesses towards gainful economic growth for local communities,” Herbosa said.
Under the MOA, beneficiaries of various DA programs may receive their funding assistance via direct credit to their DBP accounts and/or other banks’ accounts/ Electronic Money Issuers (EMI) and other Bangko Sentral ng PIlipinas-Supervised Financial Institutions through electronic fund transfer channels such as PhilPASS, and DBP-accredited payout outlets.
Herbosa added that in line with this agreement with DA, DBP will also be working closely with the Rural Bankers Association of the Philippines and various EMIs for the efficient implementation of this project.
He said DA would also be introducing an ‘Interventions Monitoring Card’ that will serve as an identification card to access government assistance for farmers enrolled in the farmer’s registry, starting with the second round of the Rice Farmers’ Financial Assistance worth P5,000 each, that would be disbursed in the last quarter of the year.
“DBP shares the mission of the DA in promoting the socio-economic well-being of all Filipinos especially those in the agricultural sector,” Herbosa said. “We are committed to provide faster, more reliable and more secure disbursement channels to facilitate the delivery of much-needed financial interventions from the National Government.”