The Agricultural Credit Policy Council (ACPC) approved the Expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid) during its 66th Governing Council Meeting on August 15, 2019 in Quezon City.
SURE Aid aims to provide loan assistance for immediate relief to rice farmers affected by the initial impact of lower palay prices resulting to the reduction or loss of their farm income. Said program also intends to help rice farmers regain their capacity to continue their production.
Under the SURE Aid, which shall commence on September 1, 2019, rice farmers who are farming one hectare and below, may avail themselves of a one-time, zero-interest loan amounting to P15,000 payable up to eight years.
In addition, the National Food Authority (NFA) will buy the produce of rice farmers who were able to benefit from the loan assistance under the SURE Aid.
The ACPC Governing Council approved a total of P1.5 billion funding for said program to be implemented by the Land Bank of the Philippines (LBP). The implementing guidelines of the program will be jointly crafted by the ACPC and the LBP.
The ACPC Governing Council is composed of the Secretary of the Department of Agriculture (DA) as the Chair, the Governor of the Bangko Sentral ng Pilipinas (BSP) as Vice-Chair while the members are the Secretaries of the Department of Finance (DOF), Department of Budget and Management (DBM), and the Director-General of the National Economic & Development Authority (NEDA). DA Acting Secretary William D. Dar chaired the meeting with BSP Deputy Governor Chuchi G. Fonacier, DOF Treasurer Rosalia V. De Leon, DBM Director Cristina B. Clasara, NEDA Assistant Director Diane Gail L. Maharjan, and ACPC Executive Director Jocelyn Alma R. Badiola. Also in attendance were Monetary Board Member Dr. Bruce Tolentino, LBP First Vice President Emellie Tamayo and other key officials from DA and ACPC.
For more information, please contact:
Ms. Emmalyn J. Guinto / Karlo Abarquez / Maia Gapud
ACPC Communications and Public Affairs Division
(02) 634-33-20 to 31 / (02) 636-3391 to 93