The Agricultural Credit Policy Council (ACPC) launched the AgriNegosyo Loan Program for Onion Farmers on March 1, 2023 in Manila.
Through the Occidental Mindoro Cooperative Bank, the ACPC turned over a check worth P10 million in loans to the Genaro ARB MPC from Occidental Mindoro. On the other hand, the Rueda Onion Growers Association from Nueva Ecija received a P3 million loan through the New Rural Bank of San Leonardo.
The zero-interest loan program for onion farmers offers up to P300,000 loan per hectare to individuals (max of 2 hectares) and up to P15 million to farmer organizations and associations. The loan term depends on the crop cycle and payback period of the project but is not to exceed five years.
The eligible loan purposes under the program include production, processing, marketing of onions, acquisition of machinery/equipment, construction of a facility, and working capital requirements.
The special credit program for onion growers complements the Optimization and Resiliency in the Onion Industry Network (ORION) Program aimed at modernizing and strengthening the country’s onion value chain. The said program will also organize value chain players and create enabling mechanisms to promote and strengthen linkages of farmer cooperatives and associations to markers and services The check turnover coincided with the launching of the Department of Agriculture’s (DA) and Department of the Interior and Local Government (DILG) Halina’t Magtanim ng Prutas at Gulay Kadiwa’y Yaman Plants for Bountiful Barangay Movement (HAPAG KAY PBBM) led by the President and DA Secretary Ferdinand R. Marcos, Jr.