Two new loan programs amounting to P2 billion have been launched by the Department of Agriculture (DA) to encourage young Filipinos to go back to farming.
The DA’s Agricultural Credit Policy Council (ACPC) offers young Filipinos financial assistance from the Kapital Access for Young Agripreneurs (KAYA) and Agrinegosyo loan programs for viable farming projects.
Interested individuals 18 to 30 yrs. must present a business proposal subject for review and assessment. DA said that partner state universities, non-government organizations and private sectors will serve as mentors once the proposals are validated and approved.
“We need young people who have vision,” DA secretary William Dar said in a statement on January 27.
The ‘KAYA’ loan program has a total funding of P1 billion and offers P300,000 to P500,000 loans payable in five years at zero percent interest.
While the Agrinegosyo offers cash loan amounting from P300,000 to P15 million to individuals and institutions who are already engaged or are interested to establish micro and small agribusiness enterprises.
Same with KAYA, Agrinegosyo is also payable in five years at zero percent interest.
“The credit programs form part of the strategies of the government to address the ageing population of Filipino farmers,” he stated.
Dar also stated that the department would establish models of development to engage the youth in agriculture and agribusinesses; adding that graduates must be job creators and not merely job seekers.
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