CITY OF SAN FERNANDO, Pampanga (PIA) — About 500 farmers in the province benefitted from the PhP7.7-million cash loan given through the Land Bank of the Philippines (LBP).
Farmer-beneficiaries from the towns of Candaba, Magalang, and Sta. Rita, as well as cities of Mabalacat and Angeles make up the first batch who receive PhP15,000 each.
The loan, which is given to farmers who have been affected by the sudden drop of rice price this year, is under the Expanded Survival and Recovery Assistance Program of the Department of Agriculture.
LBP Pampanga Lending Center Head Rolando Santos said they are tasked to provide cash loans to affected farmers until the year ends.
“Under this cash loan, the farmer-beneficiaries must pay PhP1,000 in a semi-annual amortization period, with zero percent interest, from 2020 to 2027,” Santos said.
He added that the farmers signed application and loan documents and have them verified and notarized before the cash cards were handed to them.
Aside from the initial loan recipients, another batch of farmers from other towns in Pampanga will also receive their cash cards on November 15. (CLJD/MJSC-PIA 3)