DA grants 1-year moratorium on payment of agri loans

The Department of Agriculture (DA) has ordered a one-year moratorium on the payment of outstanding agricultural loans, to give farmers and fisherfolk some reprieve as they reel from the impact of the Luzon-wide enhanced community quarantine.“In times of this crisis, we understand that their health and safety should be the priority. Our farmers and fisherfolk are also considered front-liners because they continue to provide us with food despite the calamity we are facing,” Agriculture Secretary William Dar said. “This is why we allowed the DA-ACPC (Agricultural Credit Policy Council) to implement a one-year moratorium on our partner lending conduits.”

Farmer groups and cooperatives took out some P2.3 billion worth of loans from the DA’s credit arm. The moratorium will be in effect until March 16, 2021.Some 77,373 farmers and fisherfolk are expected to benefit from the loan payment suspension.

With the continuous work being done by agricultural stakeholders, Dar has appealed to local government units to source their food needs from local farmers. INQ