Villar: Amend Agri-Agra Law to improve credit access

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Senator Cynthia Villar said that the Agri-Agra Reform Credit Act of 2008 should be revised to boost its effectiveness in reaching the agricultural sector and promoting rural development. READ:

This, she said, will strengthen the financing system to provide credit access and banking services to the rural communities.

The amendment would remove the distinction between 15 percent for agriculture and 10 percent for agrarian reform beneficiaries in the banks’ portfolios. For newly established banks, a five-year grace period is given within which no penalty shall be assessed.

 

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