DA: P767M released for interest-free loan program for farmers; P646M for MSMEs

The Department of Agriculture (DA) has released at least P1.4 billion to beneficiaries of its Survival and Recovery Assistance Program for Rice Farmers (SURE Aid) Program, a top official said Wednesday.

According to Agriculture Secretary William Dar, the amount includes P767 million which has been released to some 30,699 farmers under the Expanded Sure Aid Program.

Under the SURE Aid program, farmers are given loans as much as P25,000 with 0% interest which they may then pay in 10 years without any collateral.

The DA also in April said it will distribute some P3 billion worth of assistance to local farmers who tilled hectare or less of land and were affected by COVID-19.

Aside from this, Dar said the amount also includes P646 million for the SURE Aid program for micro, small, and medium enterprises (MSMEs) covering 93 enterprises.

"No amount of pandemic and or impacts of climate change can slow us down. No lockdown can really delay our activities in farming and fishing," he said during the Pre-SONA Forum on Wednesday.

"Let us be resilient and turn challenges into opportunities to survive and move forward towards a food secure and more resilient Philippines with prosperous farmers and fishers," he added.

In May, Trade Secretary Ramon Lopez said over 525,000 or 52.66% of MSMEs in the country had to stop operations due to the lockdowns.

Latest data from the Department of Trade and Industry (DTI) show that MSMEs account for 99.52% of the total 1.003 million business establishments in the country in 2018.

Micro enterprises are defined as those with total assets worth less than P50,000; cottage enterprises with assets worth P50,001 to P500,000; small with P500,001 to P5 million; and medium from over P5 million to P20 million.

Latest data available from the Department of Budget and Management (DBM) indicates that the Philippines has so far released a total of P374.89 billion for the war chest against the coronavirus. -MDM, GMA News