The Department of Finance welcomed the enactment of the Agriculture, Fisheries and Rural Development Financing Enhancement law, commonly known as Agri-Agra law, that is expected to boost the local farm sector.
He added that the new law is also consistent with the re-assessment of the Agri-Agra law, which is part of the Philippine Sustainable Finance Roadmap. A menu of activities that may be supported includes, among others, agricultural mechanization, agri-tourism, entrepreneurial activities, green projects, digitalization of farming, fishery and agri business, and acquisition of lands authorized under the Agrarian Reform Code of the Philippines and its amendments.
Financing will be available to rural community beneficiaries, cooperatives, associations, MSMEs, or organizations in good standing regardless of capitalization. Beneficiaries will be assessed based on the feasibility of the project, their estimated production, and paying capacity, among other criteria.
All banking institutions whether government or private except newly established banks shall set aside a credit quota or a minimum mandatory agricultural and fisheries financing requirement of at least 25 percent of their total loanable funds.
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