Villar pushes amendments to agri-agra lawMANILA, Philippines — Sen. Cynthia Villar is pushing for amendments to the Agri-Agra Reform Credit Act to help expand financing for farmers and fisherfolk as well as related micro, small and medium enterprises (MSMEs) by making it easier for banks to extend low-cost loans. Villar, who chairs the Senate committee on agriculture and food, sponsored last week the proposed amendments in plenary and urged her colleagues to immediately approve the same. The banks have extended a total of P713.6 billion in agri-agra credit as of end-December 2020, she said. Loans shall now cover all activities to include complementary or agriculture and fisheries related activities to increase agricultural production to improve the well-being of farmers and fisherfolk. The amendments also aim to facilitate access of private companies engaged in agri activities and financing to these loans.

Source: Philippine Star January 30, 2022 23:11 UTC