BACOLOD CITY, June 19 (PNA) — The Department of Agrarian Reform (DAR) released on Wednesday P72.9-million loan to help 2,194 agrarian reform beneficiaries in South Negros sustain their sugar land’s productivity.
The loan provided by DAR through the Land Bank of the Philippines is part of its Agrarian Production Credit Program (APCP). The project is materialized in partnership with the Department of Agriculture.
The beneficiaries of APCP in South Negros got the check during the awarding ceremony held at Panaad Covered Court in Barangay Mansilingan, Bacolod City this morning.
Provincial Agrarian Reform Officer Lucrecia S. Taberna said the APCP beneficiaries belonged to 22 agrarian reform beneficiaries’ organizations (ARBOs) manning 1,313 hectares of landholdings.
Loan provided in APCP has eight percent interest rate per annum with two percent rebate on advance payment.
The pass-on interest to members, on the other hand, is pegged at 15 percent and the sharing scheme of net income will be on 70-30 basis (70 percent for members and 30 percent for association).
APCP is the new support system program of DAR targeting ARBs whose respective organizations are not yet eligible under the existing regular lending programs of the Landbank.
Under the program, the DA is providing the fund for marketing assistance, and packages of technology to ARBOs. The Department is also assisting DAR in identifying qualified borrowers.
DAR, on the other hand, is endorsing the qualified ARBOs to Landbank for possible financing, conduct assessment in terms of institutional development requirements, and provides capacity development interventions.
Lucrecia said APCP is crucial in the implementation of Comprehensive Agrarian Reform Program for it is providing capital to ARBOs to develop the land provided to them by the national government. (PNA)