BALANGA CITY, Bataan – Two hundred eighty eight (288) farmers and fishermen who were harshly affected by tropical storms Ompong and Josie that struck the province last year have availed of the P1.440 million soft loans assistance.
Ms. Nerissa B. Mateo, City Agriculturist and concurrent Environment and Natural Resources Officer, has announced the Department of Agriculture (DA) approved the loan assistance of P 5,000 each to 288 farmers and fisher folks in 25 barangays of this component city.
Under the soft loan assistance, a joint undertaking between the Department of Agriculture and City Mayor Anthony Francis S. Garcia, the P 5,000 cash loan is payable in three (3) years term without interest.
Ms. Mateo said that in many agriculturally-based communities, the absence of credit programs has pushed farmers to loan sharks and reportedly victimized by local traders who give them cash advances at terrible interest rates and who also corner the farmers during harvest time buying their products at prices they dictate.
She added the cash loan assistance package is normally used for the acquisition of farm seeds, fertilizers and other farm inputs as well as to pay for labor and other personal needs.