ROXAS City – The Lonoy Agrarian Reform Cooperative (ARC) of Ivisan and Sapi-an in Capiz received P5-million loan fund from the Department of Agriculture (DA) in Western Visayas during the 12th Provincial Farmers and Fisherfolk’s Day celebration.
Lonoy ARC head Jiner Dalida said they currently have 186 members and it is the first lending conduit of the Production Loan Easy Access (PLEA) program in the province.
PLEA is a loan facility designed to address the financial needs of the marginalized farmers and fisherfolk by providing them easy access to loans.
Farmers can borrow up to P50,000 with only six percent interest rate per annum under PLEA, a non-collateralized loaning program for agri-fishery production, said Dalida.
DA regional executive director Remelyn Recoter meanwhile said majority of the farmers in the province are dependent on traders and private lenders for financing.
“Sec. Manny Piñol has been emphasizing that technology, marketing and financing are the three things needed by farmers,” said Recoter.
Recoter stressed the PLEA is an opportunity to farmers and fisherfolk. (With a report from Department of Agriculture Western Visayas/PN)