Magsaysay aired the call during the graduation rites for the 25 fresh agriculture graduates and budding entrepreneurs who composed the first batch of trainees that completed the orientation course on entrepreneurship set for participants to the YFP.
YFP is a novel program that encourages young graduates of agriculture, fisheries and other related courses as well as the entrepreneurs to engage in agribusiness. A brainchild of Magsaysay, the program has two components, namely; The Young Farmers Entrepreneurs (YFE) and the Young Farmers Volunteer (YFV).
"With this program, we can increase employers in the country and open up more jobs, at the same time enhancing the competitiveness of the agricultural and fisheries sectors in the local and foreign markets," Magsaysay said.
Among the training participants, 13 were applicants for YFE whose project proposals such as bee keeping, goat raising, cattle fattening among others have already been approved by the program screening committee, while the 12 were applicants for the YFV.
The senator cited the need to support the program as he noted the growing number of unemployed in the country and the inability of fresh agriculture graduates to put up their own business.
Under the program, an individual YFP project may require a minimum of P50,000 to a maximum of P200,000 capitalization varying on the cost of infrastructure, equipment and area of coverage. The total project cost will be distributed as follows: 15 percent equity, 25 percent grant and 60 percent loan.
"This means that if an individual project needs P100,000, the proponent’s equity is P15,000, while the P25,000 will be provided by the program as grant and the P60,000 will be loaned by the proponent from financial institutions like the Quedancor," Magsaysay said.