Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno reiterated on Friday, May 27, that the repeal of the Agri-Agra Reform Credit Act of 2009 will appropriately address the financing needs of farmers, fisherfolk and agri-based micro, small and medium enterprises .
Diokno is the incoming secretary of the Department of Finance under the Marcos government. He will still be BSP governor until June 30. Monetary Board member Felipe M. Medalla will replace him as BSP chief on July 1. The BSP explained in a statement Friday that the measure is a holistic approach to private sector financing with additional rural community beneficiaries which are part of “a wider social and economic support system.”
“In addition, banks that reach out to agrarian reform beneficiaries and agrarian reform communities will be able to allocate the entire 25 percent mandatory credit quota to the said sector. It also sets a multiplier for credit provided to eligible borrowers under the law. This is initially set at 10, as a form of incentive for banks to provide financing to the agrarian reform sector,” said the BSP.
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