House panel approves bill providing farmers, fishers access to financing system

The House panel chaired by Quirino Representative Junie Cua passed House Bill No. 5681 or the proposed “Rural Agricultural and Fisheries Financing Enhancement System Act” “subject to style and refinements.”

It was Navotas Rep. John Reynald Tiangco, vice chairperson of the committee, who moved for the approval of Cua’s bill. HB 5681 seeks to set up an agricultural, fisheries, and rural financing system to improve the welfare, competitiveness, income, and productivity of rural community beneficiaries, particularly farmers, fisherfolk, and agrarian reform beneficiaries.

Cua said the initial contributions to the AMCIBF “shall include penalties due from banks on their compliance or under-compliance with the mandatory Agri-Agra credit requirements under Republic Act No. 10000, collected after the effectivity of the proposed Act, the net of the ten percent amount to be retained by the Bangko Sentral ng Pilipinas .”

Under HB 5681, the AMCIBF shall be managed by the Agricultural and Fisheries Capacity Building Finance Policy Council , chaired by Secretary of the Department of Agriculture . It is expected to identify eligible grant recipients of the special fund and the programs that maybe financed by the AMCIB.

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