Agriculture loans reach P465B in 2001-2009

MANILA, Philippines - Agricultural loans from various government lending facilities and other financial institutions and agencies reached the P465-billion mark over the nine-year period ending in 2009, the Department of Agriculture (DA) said.

The announcement was made in conjunction with the launch of the DA’s coffee table book titled “Fields of Glory” graced by President Arroyo.

“From 2001 to 2009, a total of P28.8 billion was released under the Agro-Industry Modernization and Credit Financing Program of Quedancor to farmer-beneficiaries,” the DA said, adding that the borrowings would total P465 billion if palay production loans from the Land Bank and releases from other financial institutions and agencies are included.

Loans to the agro-industry sector comprise one component of a six-point FIELDS package of government support services designed to increase farm outputs and enable the farmers to maximize their incomes.

FIELDS stands for Fertilizer, Irrigation and other Infrastructures, Extension and Education, Loans, Dryers and other post-harvest facilities, and Seeds and other genetic materials.

Agriculture Secretary Bernie Fondevilla said the book “best illustrates that President Arroyo has delivered on her commitments to the agriculture and fisheries sector by way of her flagship project dubbed FIELDS and other farm-related intervention programs.”

Fondevilla pointed out that the government under the Arroyo administration registered record public spending in agriculture and fisheries, and stepped up construction of irrigation, farm-to-market roads and post-harvest facilities.

Other milestone achievements, the secretary said, included creation of millions of jobs and livelihood opportunities in the countryside, massive training program for farmers on such concerns as productivity enhancement, cost-reduction, and environment-friendly technologies, as well as the availability of more loans, guarantee and insurance coverage.

 “The government also constructed a total of 18,929 kilometers of farm-to-market roads worth P26.77 billion, and established 50 mariculture parks covering a total of 39,073 hectares,” Fondevilla said.