The YFP, which was introduced by Sen. Ramon Magsaysay Jr. two years ago, encourages young graduates of agriculture-related courses, as well as budding entrepreneurs who are 21-39 years old to engage in agribusiness and become successful entrepreneurs. The program has initial funding of P50 million being distributed as grants to participants to augment their operating capital.
Under the program, the government is committed to help participating entrepreneurs to secure loan representing 60 percent of the total capital needed for their proposed agribusiness project. The 25 percent of their needed capital would be provided as grant by the program, while the remaining 15 percent has to be raised by the proponent as equity.
"The remarkable development in agriculture, especially, the extension of funding support for the implementation of the Agriculture and Fisheries Modernization Act (AFMA) until 2015, would bring about bright prospects to the agriculture sector and make agribusiness a profitable venture, that is why we are encouraging the youth to participate in the YFP," Magsaysay said.
"We are committed to fund projects from a minimum of P50,000 to a maximum of P300,000 capitalization. More loans and grants would be released soon for approved projects as we need to fully implement the program in order to address the unemployment problem and to assist fresh graduates in putting up their own business," he added.
Those who wish to participate in the YFP can contact Virgie Agcopra Larry Villanueva at tel. Nos. 5513253, or 5526601, locals 5501 and 5512.