The government’s answer to high food prices in retail markets, the program was launched by Agriculture Secretary Leonardo Montemayor during the inauguration of Quedancor’s NCR office at 205 Roosevelt Ave., San Francisco Del Monte, Quezon City to kick off the nationwide implementation of the GMA-CARES-SRE program by all Quedancor regional offices.
According to Quedancor president and chief executive officer Nelson Buenaflor, most of the market retailers are getting their operating capital fund from loan sharks and they tend to add the high cost of interest on the prices of the goods they sell.
"By giving them sufficient credit capital at affordable cost, we help wean them away from usurers and help them stabilize the prices of goods. Ultimately, its the consuming public who will benefit from the low cost of retail food. The program also aims to develop a vibrant market for farmers’ produce," Buenaflor added.
Loan interests range only from eight percent to 10 percent for a six-month loan depending on the mode of payment. For weekly payments, Quedancor charges an eight-percent interest for six months or approximately 1.34 percent a month. For semi-monthly payments, nine percent will be charged while 10 percent for monthly payments. The loan shall be payable within a maximum of six months.
To qualify for the loan, a retailer needs only to present a mayor’s permit and a stall award or any document/certification that proves his/her ownership of the stall or a lease of contract in case the stall is being leased.
The GMA-CARES-SRE is one of the eight Quedancor lending programs included in the Department of Agriculture’s Ginintuang Masaganang Ani – Countrywide Assistance for Rural Employment & Services (GMA-CARES) program being implemented in support of President Arroyo’s agricultural development agenda.
Meanwhile, Montemayor released recently a total of P1.1 million in agricultural loans to farmers, fishers, women’s group and military personnel in Bicolandia to finance their various livelihood projects during the Bicol Fruit Symposium held at the Capitol Convention Center in Cadlan, Pili.