January 1, 2025 | 12:00am
MANILA, Philippines — Two agencies attached to the Department of Agriculture formed a technical working group (TWG) to oversee the creation of financing program that would support carabao and carabao-based enterprises (CBEs) nationwide.
The Philippine Carabao Center (PCC) and Agricultural Credit Policy Council (ACPC) established a TWG for its prospective agri-value chain financing (AVCF) program for the carabao industry.
The program will facilitate the verification, assessment and approval of loans aimed at fostering sustainable growth in the carabao farming sector, according to the PCC, which oversees the development of the country’s carabao industry.
“The TWG will ensure that the program’s objectives are met through clear, consistent and equitable guidelines for loan distribution,” the PCC said.
“It will be responsible for verifying eligibility, assessing loan applications, and monitoring the sustainability and performance of loan recipients to drive long-term success in carabao farming businesses,” it added.
The creation of the TWG shows the commitment of the government in enhancing the economic viability of carabao businesses in the country, promoting innovation in carabao production and supporting the growth of the agriculture sector, the PCC said.
Under the partnership, CBEs would have more efficient access to ACPC’s Agri-Negosyo Loan program, helping them to “unlock their full potential,” the PCC added.
“Both agencies plan to prioritize cooperatives within the agriculture value chain. This strategic focus aims to foster growth and sustainability in the agricultural sector, enhancing the overall efficiency of the value chain,” it said.
Under the agri-negosyo loan program, eligible beneficiaries may borrow up to P15 million depending on their assets. The loan features a two percent interest rate with a service fee of up to 3.5 percent and is payable based on the proposed project’s cash flow, but may not exceed five years.
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