Land Bank of the Philippines (LandBank) will make available P7 billion to finance farmers and aspiring farmer-entrepreneurs under the government’s Food Supply Chain Program (FSCP).
"The program is now in full gear after its launch last October. We have released as much as P1.7 billion already and it is possible that we could release up to P7 billion this 2011 to farmers who are seeking financing support," said LandBank President and CEO Gilda Pico.
In October, some P50 billion was allotted by the state-run bank to the FSCP. The program was created to support the agriculture subsectors by providing financial and technical support along the value-added chain of a commodity.
Thirty-five anchor firms and 195 cooperatives and small to medium enterprises (SMEs) have already formalized their participation in the program. The 35 anchor firms — 21 from Luzon, four from Visayas and 10 from Mindanao — will buy farm produce from participating cooperatives and SMEs and provide the know-how to improve production.
“We are confident that with more key market players on board, FSCP will go a long way in fulfilling its objectives of benefiting the small farmers and fisherfolk, co-ops, and SME producers whom we are committed to help," Pico added.
Food Chain forums under the FSCP have been ongoing since February, covering the production, processing, and marketing of commodities including rice and corn, fruits and vegetables, fish and livestock. — BC/VS
