The Iloilo Provincial Board recently approved a P100 million supplemental budget, which will be distributed in the form of loans for farmers as a means of assistance amid the reportedly low prices of palay, or rice.
“We want to help small farmers who cannot access the price of the National Food Authority due to high moisture content of their produce,” said Governor Arthur Defensor, Jr.
The loan will be extended through accredited farmer cooperatives for those tilling land smaller than one hectare.
The loan carries a two percent interest rate.
“The cooperative is a private entity [and] that is why we are being careful,” the governor explained. “We could help more if there is no interest but I think we have no choice.”
The maximum credit is P15 million and only those with good credit and equipped with drying facilities are eligible for the funding./WDJ