The Department of Agriculture (DA) is allotting P3 billion for the financing of “game-changing innovations” in agriculture this year as it pushes for the long-sought modernization and industrialization of the sector. Agriculture Secretary William Dar said during the Global Innovative Index meeting on Monday that the department would be providing financial support to “agripreneurs” through lending startup capital and project expansion fund.
“We are allocating an initial P3 billion to fund various innovative agri-fishery projects and agribusiness incubation enterprises for millennials, hobbyists, FCAs (farm credit administrations) and agripreneurs,” he said.
The DA recently launched the P1-billion Kapital Access for Young Agripreneurs (Kaya) loan program to attract young Filipinos, aged 18 to 30 years old, to engage in agricultural projects. Under the program, members of the youth sector could borrow capital of up to P500,000, payable in five years at zero interest.
It has also earmarked P1 billion for the Agri-Negosyo loan program to help micro, small and medium enterprises to scale up their current businesses. Entrepreneurs could borrow up to P15 million with zero interest, also payable in five years.
Another P500 million would be given to the Agricultural Technology Business Incubation program that would provide grants to Filipino millennials and agripreneurs to translate their innovative ideas into farm and fishery products.
Lastly, the agency would set aside another P500 million for the Inclusive Agribusiness program—which seeks to empower FCAs. The project would be providing grants for institution-building and hire professional managers who could help these FCAs run their enterprise.More than encouraging young Filipinos to invest in the sector, Dar said the agency was also in the process of implementing a management internship program wherein the agency would hire top graduates—particularly those with Latin honors—from state and private universities to work at any of the DA agencies that fit their field of interest and academic attainment.
All these are to ensure that despite the current migration of farmers and farm laborers to other industries, there will be enough people with the right set of tools and innovations that can bring the sector to its potential. INQ