BANK of the Philippine Island (BPI) has partnered with agri-tech company Agrilever of former agriculture secretary Arthur Yap for a lending program targeting farmers.
The Agri NegosyoKo Loan Program will be implemented through BPI’s microfinancing arm, BanKo.
“This initiative aims to help farmers strengthen their agricultural practices and improve their livelihoods” BPI said.
The lending program will also help the bank comply with the government’s mandatory lending policy for agriculture ventures under the Agri Agra Law (RA 10000).
“The Philippines is an agricultural country, and to sustain and expand farming opportunities, we must support our farmers with programs that help them grow their businesses. The Agri NegosyoKo Loan Program introduces a comprehensive approach that underscores productivity, efficiency, and the economic well-being of farmers through strategic partnerships with cooperatives and aggregators, like Agrilever,” said Rod Mabiasen, Jr., BanKo president.
With the Agri NegosyoKo Loan Program, farmers can access loans ranging from P50,000 to P300,000. Aside from customized loans, the Agri NegosyoKo Loan Program offers farmers a comprehensive suite of benefits, including financial education, protection and security, personal engagement and community involvement, a streamlined application process, and incentives for responsible behavior.
“The Agri NegosyoKo Loan Program is the fruit of our collaboration with cooperatives and aggregators. Coupled with their technological expertise, we will empower farmers and aggregators with opportunities for easier access to financing, technologies to help yield higher crops, and manage production with cost-efficiency,” said Jojo Ocampo, BanKo chairman.
“Going beyond financial aid, we also provide a platform for knowledge, innovation, and sustainable growth. We see farmers not as our clients, but as vital partners,” he added.
Agrilever noted most of their farmers do not have bank accounts or access to affordable financing.
“Thus, securing financial resources and customized financing solutions is essential for ensuring the financial stability of both farmers and their supply chain partners,” it said.
