CITY OF SAN FERNANDO, Pampanga, Nov. 19 (PIA) — A total of 686 farmers in the province benefitted from the PhP10.29 -million cash loan given through the Land Bank of the Philippines.
Farmer-beneficiaries from the towns of Apalit, Arayat, Macabebe, Mexico, Minalin, San Simon, Sta. Ana, and Sto. Tomas make up the second 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 Department of Agriculture.
Land Bank 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.
Prior to this, the farmers were able to apply for registration under the Registry System for Basic Sectors in Agriculture.
Santos added that the farmers signed application and loan documents and have them verified and notarized before the cash cards were handed to them.
To date, farmers from 11 towns and 2 cities already benefitted from the said program.
Land Bank is set to release cash loans to another batch of farmers from other towns in Pampanga on December 20. (CLJD/MJSC-PIA 3)