The government’s Production Loan Easy Access (PLEA) program has given out P1.64 billion in funds nationwide in 18 months of implementation, benefiting 33,150 small farmers and fishers, according to the Agricultural Credit Policy Council (ACPC).
The program was launched in June 2017 and borrowers get access to funds through 159 lending conduits, including rural banks, cooperative banks, cooperatives, and NGOs.
ACPC executive director Jocelyn Alma R. Badiola said in a statement the program offered noncollateralized loans at 6 percent a year with free crop insurance from Philippine Crop Insurance Corp. (PCIC) and with flexible repayment schedule and convenient loan maturity.
Badiola said PLEA had reached 10 percent or 45 of the 455 unbanked municipalities identified by the Bangko Sentral ng Pilipinas, referring to towns with no banks or similar financial institutions.
The towns covered by the Plea program are in the Cordilleras, Ilocos region, Calabarzon, Mimaropa, Eastern Visayas, Central Visayas, Zamboanga Peninsula, Northern Mindanao, Soccsksargen and Caraga.