PCFC targets poorest areas with agriculture & fisheries financing program

The People’s Credit and Finance Corporation (PCFC) recently launched the “Agriculture and Fisheries Financing Program” (AFFP) to its microfinance institution (MFI) partners. The AFFP will initially cover the top 20 poorest provinces in the Philippines with complete registry of farmers and fisherfolks under the Registry System for Basic Sectors in Agriculture (RSBSA), an electronic compilation of basic information on farmers, farm laborers, and fishermen that provides manageable access to baseline agricultural information. Under the program, PCFC will utilize the P450M fund from ACPC to increase access of the small farming and fishing (SFF) households to affordable agri-microfinance loans to be provided by the accredited MFIs in target provinces. PCFC President & CEO Edgar V. Generoso informed the participants that target clients outside the priority areas will still be served by PCFC through its other available fund for lending to SFF nationwide. For capacity-building needs, the MFIs may avail of the grant funding through the People’s Development Trust Fund (PDTF) or the institutional loan window being offered by PCFC. In a country where an estimated 90% of the poor rely on agriculture, the AFFP serves as a tool of the current government in its continuing poverty alleviation programs.