Rice farmers can now avail of the loan package offered by the Department of Agriculthre for mechanical dryers as the first P1-billion of the P10-billion initial funding for the Rice Competitveness Enhancement Program (RCEP) is already available.
Agriculture Secretary Emmanuel Piñol said the P1 billion came from DA’s Agricultural Credit Policy Council (ACPC) which received the funds as part of the government’s P5-B support for the Rice Program in 2018.
Piñol clarified that although the budget was originally intended as additional funds for Easy Access Credit for Rice Farmers, the DA-ACPC agreed to turn over the amount to the Land Bank of the Philippines and the Development Bank of the Philippines as initial funding for the RCEP.
He said during the Management Committee Meeting of the DA in Guimaras Province two weeks ago, LBP and DBP officials who were asked to present their proposed loan programs for the P1-B that they will be getting from the Rice Competitiveness Enhancement Fund (RCEF) agreed to focus the amount for the establishment of dryers in rice production areas.
“Under the RCEF, LBP and DBP will be getting P1-B or 10% of the fund every year for the next 6 years for credit,” Piñol said.