Updated:2025-01-07 05:19 Views:200
FILE PHOTO
MANILA, Philippines — The Department of Agriculture (DA) is suspending grant assistance given to beneficiaries of its various programs who are delinquent on their loans.
The DA issued Memorandum Order No. 60 as concerned offices under the agency sought procedures to implement the directive that defers the provision of grant assistance to eligible beneficiaries.
Article continues after this advertisementThis stemmed from a proposal from the Land Bank of the Philippines to put on hold the grant provided to beneficiaries “who are willfully not paying their loans under the said credit program until such time that said beneficiaries would have settled their loan obligations.”
FEATURED STORIES BUSINESS BIZ BUZZ: Finally, Four Seasons coming to PH BUSINESS Brian Poe wins Silver Stevie Award for Executive of the Year BUSINESS Equities rebound in 2025 seen; 7,600 level in sightREAD: BOI gives go-signal to P9.6B agriculture investments
The memo refers to borrowers who failed to communicate with Landbank on their plan to settle the loan in default.
Article continues after this advertisementAccording to the state-run bank, which implements the Agricultural Competitiveness Enhancement Fund (ACEF) Credit Program for seven years, said this is one of the measures it proposed to address the increasing number of delinquent loans under this initiative.
Article continues after this advertisementThe ACEF Credit Program offers credit to farmers, fishers and their cooperatives and associations, and micro and small-scale enterprises to boost productivity as well as establish postharvest facilities and processing equipment.
Article continues after this advertisementFarmer and fisherfolk cooperatives, associations and micro and small enterprises can secure up to P5 million in loans while individual farmers or fishers can tap P1 million each.
Humpert, who has been raising sheep in northwestern Germany’s Marienmuenster since 1986 in a bid to save endangered breeds, has since lost 140 of her 500 sheep.
In separate advisories on Monday, Seaoil and Shell Pilipinas said the per-liter prices of gasoline and diesel would be reduced by 50 centavos and 70 centavos, respectively.
The guidelines cover the DA banner programs on rice, corn, high-value crops, livestock, fisheries, organic agriculture and halal, intended for ensuring food security, addressing poverty alleviation and attaining sustainable growth through higher productivity and efficiency.
Article continues after this advertisementThe DA said grant assistance that has been previously deferred will be given to beneficiaries once the latter managed to settle their loans in default under the program, as confirmed by Landbank.
superslots casinoSubscribe to our daily newsletter