Designed to strengthen the Philippine coconut industry, the Landbank of the Philippines (LBP) has opened a new credit window for the coconut farmers.
The LBP initiative is implemented through the Landbank Coconut Farmers and Industry Development (CFID) Lending Program aimed to increase production in coconut producing municipalities of the country. The same program could be accessed by eligible coco farmers, cooperatives and associations, including the establishment of intercrops and poultry or livestock integration activities.
Under the said program, Landbank provides short-term and long-term loans of at least P1 million, with a fixed affordable interest rate of 2 percent annually. The state-run bank suggests that the individual coco famers can use the loan to increase production and working capital, to acquire machines and equipment, and establish needed facilities. While “coco cooperatives and associations, can also utilize the financing for relending and rediscounting to their members.”
The CFID Lending Program has a lifetime till 2071 “to accommodate as many players from the coconut industry as possible”, in a statement released by the Landbank management. Also, the same program “supports the CFID Plan headed by the Department of Agriculture (DA) and the Philippine Coconut Authority (PCA), which outlines the policies and directs the modernization of the coconut industry of the country.
MY COMMENT:
The Landbank’s CFID Lending Program is a welcomed development to the coconut producing farmers, especially in areas damage by super typhoon Yolanda like the Visayan region. In fact, the post typhoon trauma suffered by my fellow Bisayans lingered for years, the lowly coco farmers at total loss for their lost source of income. I hope that my Waray-Waray farmers will avail of the CFID Lending program of Landbank as to improve their livelihood status.
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