Purposely, to support coconut farmers and further strengthen the country’s Coconut industry, the Landbank of the Philippines has opened a new credit window recently.
The new credit scheme for the coconut farmers is believed a catalyst toward increasing production and income especially in coconut-rich provinces in the Bicol, Quezon, Laguna, Batangas, and Leyte.
The new credit scheme of the Landbank of the Philippines (LB) is handled by the Landbank Coconut Farmers and Industry Development (CFID) Lending Program. Under the credit scheme, eligible coconut farmers, cooperative and associations can access financing for various projects, including the establishment of intercrops and poultry or livestock integration in coconut farms.
Under the program, L B provides short-terms and Long-term loans of at least P1 million, with an affordable interest rate of 2 percent annually. Here, “the individual coconut farmers can use the loan to increase production and working capital, to acquire machines and equipment, and establish other facilities. While the coconut cooperatives and associations can also utilize the financing for relending and rediscounting to their members”.
The CFID Lending Program has a life span till 2071 in order to accommodate as many players from the coconut industry to avail of the credit window. The same program supports the Coconut Farmers and Industry Development Plan (CFIDP), under the auspices of the Department of Agriculture (DA) which outlines the policies and direction as well as the modernization of the coconut industry.
MY COMMENT:
It is hoped that the Landbank of the Philippines new credit window expands and includes the coconut farmers in the Leyte, Biliran, and Samar provinces whose source of livelihood of copra-making and the totally industry of Region 8 suffered a debacle during the super typhoon in November 2013. Indeed, after almost 10 years after “Yolanda” wrought havoc fiercely, the coconut industry has not yet recovered to its pre super typhoon status. Thus, the need for financing schemes such as the one offered by L B.
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