MANILA, Philippines - The Agro-Industry Modernization Credit and Financing Program (AMCFP) released loans worth P452.4 million to 10,288 borrowers in the agriculture and fishery sectors nationwide during the first semester of 2012.
The AMCFP is the umbrella financing program of the Department of Agriculture, the implementation of which is overseen by the Agricultural Credit Policy Council (ACPC).
As of 2012, the AMCFP has provided funds for the Cooperative Banks Agri-Lending Program (CBAP), the Agri-Microfinance Program (AMP), the Cooperatives Agri-Lending Program (CALP), and the Sikat Saka Program.
Among the AMCFP programs, the Cooperative Banks Agri-Lending Program (CBAP) released the biggest amount of loans in the first semester of 2012, totaling of P400.9 million. This amount was able to finance the agriculture and fishery projects of 6,291 farmers and fishermen.
The CBAP, which was implemented since September 2011, provides financing to eligible cooperative banks in the form of special time deposits (STD). CBAP funds are used by participating cooperative banks to expand their small farm and fishing loan portfolio. CBAP loans for agricultural production bear interest rates not exceeding 15 percent per annum.
The Agri-Microfinance Program (AMP), on the other hand, was able to release P45.6 million to 3,808 farmers and fishermen in the first semester of 2012. The AMP is a joint program of the DA-ACPC with the People’s Credit and Finance Corporation (PCFC). Through the AMP, accredited microfinance institutions (MFIs) of the PCFC provide micro loans to individual borrowers coming from small farm and fishing households. The program gives priority to areas hit by natural calamities.