 | DA, ACPC unveil two loan programs for the youth |
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Agriculture Secretary William D. Dar led the launching of two loan programs totaling to P2 billion (B) in funds to encourage young Filipinos to go back into farming.
Under the management of the Department of Agriculture’s (DA) Agricultural Credit Policy Council (ACPC), the Kapital Access for Young Agripreneurs (KAYA) and Agrinegosyo loan program are set to roll out to provide financial assistance to young Filipinos.
KAYA, with a total funding of P1B, offers P300,000 to P500,000 loan payable in 5 years at zero percent interest. Interested individuals ages 18-30 years old must present an extensive business proposal, for review and assessment. Once validated and approved, partner state universities, non-government organizations and private sector will serve as mentors.
Agrinegosyo on the other hand, offers cash loan amounting from P300,000 to P15million to individuals and institutions who are already engaged or are interested to establish micro and small agribusiness enterprises.
Similar to KAYA, the credit is payable in 5 years at zero percent interest. Dar stressed that the credit programs form part of the strategies of the government to address the ageing population of Filipino farmers.
“We need young people who have vision,” Dar said.
In his message during the launching of KAYA and Agrinegosyo, the Secretary assured that the DA will establish models of development to engage the youth in agriculture and agribusinesses. He also emphasized that graduates must be job creators and not merely job seekers.
During the event which coincided with the 5th anniversary of the Pampanga State Agriculture University, Dar said that the DA will partner with various academic and research institutions to incubate technologies and scale-up farming technologies and activities. Aside from increasing the levels of productivity, the agri chief emphasized the importance of value-adding, processing, and marketing in elevating the Philippine agriculture sector and improving the lives of farmers and fishers.
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