The new law expanding financing for farmers and fisherfolk will give a boost to the agriculture and fisheries sector, Malacañang ( the official residence and principal workplace of the president of the Philippines) said.
In a Facebook post, Press Secretary Trixie Cruz-Angeles said Republic Act (RA) 11901 would make the agricultural and fishing industries more competitive.
“The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022, also known as Republic Act 11901, will give the Department of Agriculture more opportunities to increase the productivity and competitiveness of the agriculture and fishery sectors,” she posted on Thursday.
RA 11901, which lapsed into law in July, improves the farmers’ and fisherfolk’s access to affordable financial services and programs.
The new law provides loans to beneficiaries in rural communities to finance their agricultural and fishery-related activities.
According to RA 11901, financing institutions must offer loans and investments “to finance activities that shall enhance productivity and increase income of an agricultural and fisheries household, thereby promoting agricultural sector productivity and competitiveness, as well as sustainable development of rural communities.”
Cruz-Angeles noted that the Department of Agriculture – Agricultural Credit Policy Council (DA-ACPC), has already disbursed loans worth PHP24.09 billion to about 408,834 farmers and fishermen.