By Stephanie Sevillano | Philippine News Agency
To further support farmers and fishers amid the energy emergency, the Department of Agriculture (DA) on Thursday announced the suspension of loan repayments for farmers and fisherfolk with outstanding loans under the Survival and Recovery (SURE) Program of the Agricultural Credit Policy Council (ACPC).
In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said the initiative is part of the government’s response amid surging fuel prices affecting the agricultural sector.
“The loan moratorium is not a standalone measure, but part of a coordinated government effort involving financing institutions, local lending partners, and Department of Agriculture agencies working on rural resilience,” he said.
The loan moratorium seeks to prevent loan defaults and supports economic activity and food security targets.
“We are prioritizing immediate relief while strengthening long-term access to credit so our agricultural sector remains productive and stable despite external shocks, particularly rising fuel and fertilizer costs,” Tiu Laurel said.
Under the moratorium, current borrowers and those with outstanding loans from the ACPC may avail of up to one year suspension, subject to review and approval of government financial institutions, rural banks, and cooperative banks.
“A one-year grace period on loan payments allows farmers and fishers to prioritize their families’ needs while regaining momentum in their agricultural activities and sustaining their livelihoods,” ACPC Executive Director Rallen Verdadero said.
The ACPC assured close collaboration with partner lending conduits to streamline and ensure the timely rollout of the moratorium nationwide.
