YFP okays 33 agribusiness projects

Sen. Ramon Magsaysay Jr. announced that the Young Farmers Program (YFP) has already approved 33 agribusiness projects proposed by young agriculture graduates and entrepreneurs with capitalization ranging from P75,000 to P300,000 and now operational in various regions throughout the country.

These projects include cattle fattening, hog fattening, broiler production, goat production, duck raising, mango, banana and papaya production, broiler production, mud crab production, tilapia production, coco coir decorticating and other agribusiness ventures.

Magsaysay, chairman of the Senate committee on agriculture and concurrent chair of the Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM) reported that an initial amount of P30 million is available under the YFP to be allocated to project proponents to help them augment their capital for their business activities.

Under YFP, a brainchild of Magsaysay, the government is committed to help participating entrepreneurs secure loans representing 60 percent of the total capital needed for their proposed agriculture-related 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.

"With this program, more small and medium enterprises will be established and more jobs would be generated especially in the countryside. This would also help prevent the migration of rural workers to the metropolis," Magsaysay said.

The YFP, he announced, is now accepting and processing application of project proponents and has tentatively set the training for the fourth batch of applicants on Jan. 23, 2006. He also appealed to local government officials to support the program by providing financial assistance to those interested to participate to the program but has difficulty in raising their equity.

Applicants must be male or female, between 21 to 39 years old; a graduate of agriculture or related course or graduate of any course but currently engaged in agribusiness; non-college graduate but currently engage in agribusiness; physically, mentally and emotionally fit to undertake the activities of then program; not related with the recommending and approving parties up to the second degree of consanguinity or affinity; of good community standing (moral character), and must be willing to undergo training conducted by DA, other concerned agencies, Quedancor and schools/college/universities accredited by CHED or TESDA.

For inquiries, interested parties may call Mr. Larry Villanueva at Tel. Nos. 5526601 locs. 5501 and 5512 or Corie Villarino at Tel. 9262241 and 9204092.