Solon’s bill demands banks to further support aggie, rural financing

The House panel, chaired by Rep. Junie Cua of the 1st district of Quirino, recently approved the committee report on the substitute measure.

Cua said he would ask President Duterte to certify as urgent the passage of the bill that seeks “to enhance access of rural communities, agricultural and fisheries households to financial services and programs.” The bill mandates all banking institutions, whether government or private, except newly-established banks for a period of five years from the date of commencement of the banks’ operations, to set aside a credit quota, or a minimum mandatory agricultural and fisheries financing requirement of at least 25 percent of their loanable funds.

During the panel deliberation in December last year, Maria Cynthia Sison of the BSP disclosed that they have collected P7.35 billion in penalties, and they have yet to collect P4.86 billion “until the end of 2019.” The Council is tasked to set targets for annual contributions to the special fund to be committed by banks in an amount that is sufficient to meet the organisational and the capacity building requirements of the rural cooperatives and other duly-registered organisations of rural agricultural and fisheries households over a period of 10 years. It is expected to identify eligible grant recipients of the special fund and the programs that maybe financed by the AMCIB.

It is so easy for the LH to send a bill for agri financing. The problem with bank financing are the documentations to be presented to the bank to make a loan. You can't borrow money when you don't have adequate properties to back the loan. HIndi pwedeng laway lang ang backup

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