DA releases P100M for micro-finance in El Niño-stricken areas

The Agriculture Department on Wednesday ordered the release of P100 million for the micro-finance program of farmers and fisherfolk in areas affected by the El Niño weather phenomenon. The department's Agricultural Credit Policy Council (ACPC) said in a statement that it passed two resolutions for the release of an additional P100 million to address the credit requirements of farmers and fisherfolk affected by El Niño. The resolutions also approved guidelines for the implementation of the Agriculture Department's agri-microfinance program areas hard hit by El Niño, according to the ACPC. "The objective of this new agri-microfinance window is to help mitigate the adverse impact of climate change, global warming, and El Niño on the agricultural sector, especially on the lives of small farmers and fisherfolk who suffer most in times of natural and man-made calamities," it said. Also approved by the same resolutions was a review of ACPC-administered financing programs to enable the council to come up with recommendations to improve the department's approach in lending money to countryside borrowers. The Agriculture Department earlier said that the country's agricultural sector slowed by 2.59 percent in the first half of the year due to the effects of El Niño. Despite this, the department is positive that farm output will grow 3 percent to 4 percent in 2011. —With Andreo Calonzo/JE, GMNews.TV