Better loan access to farmers: Agri-Agra bill lapses into law | Bernadette D. Nicolas

FARMERS, fisherfolk, and other agricultural stakeholders may soon get better access to loans after the bill repealing the Agri-Agra Reform Credit Act of 2009 lapsed into law on Thursday as neither then President Duterte nor current President Marcos Jr. acted on the measure.

Without the signature of the President, the measure “lapsed into law” on July 28, based on the copy of the law shared by Diokno to reporters. The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022 consolidated the previous loan allocation set under the Agri-Agra law, which required banking institutions to set aside 15 percent for the agriculture sector and 10 percent for agrarian reform beneficiaries.

The law also paved the way for the creation of a special fund coming from the penalties to be imposed on banks for their non-compliance or under-compliance with the mandatory agri-agra credit requirement. 65 percent of the fund shall be made available in the form of credit facility with minimal interest rates and with a minimum collateral requirement to be equally managed by LBP and DBP;

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