The Development Bank of the Philippines (DBP) has released a total of PHP100 million in loans to coconut farmer cooperatives in Cebu since 2021.
Rosa Celeste Pieras, assistant vice president and head of DBP Cebu North Lending Center, said the implementation of Republic Act 11524, or the Coconut Farmers and Industry Trust Fund Act, has led many farmers to seek financial assistance through their cooperatives.
Pieras said the law, which established the Coconut Farmers Industry Trust Fund in 2021, also created the Coconut Farmers and Industry Development (CFID) Credit Program.
Under this program, DBP, along with the Land Bank of the Philippines (LandBank), is tasked with providing loans to coconut farmers.
DBP can lend up to PHP15 million for individual farmers, while LBP can lend less than PHP15 million for each applicant.
“We have already disbursed PHP100 million to cooperatives where many beneficiaries are members,” she added. “We also have several projects under negotiation related to the coconut value chain.”
The CFID Credit Program aims to enhance the business capabilities of coconut farmers through accessible funding, with the Philippine Coconut Authority overseeing the program’s implementation. (PNA)
