A recent census conducted by the Philippine Statistics Authority revealed that individual money lenders are the primary source of financial credit for farmers and fisherfolk in the Philippines.
Individual money lenders were the primary source of financial credit for farmers and fisherfolk in 2023, according to the Philippine Statistics Authority. This finding stems from the Census of Agricultural and Fisheries Availability of Agricultural, Aquaculture and Fisheries Machinery, Equipment and Services in Barangays. The PSA reported that individual money lenders operated in 20,020 barangays, representing 47.6 percent of all 42,020 barangays nationwide.
Microfinance institutions came in second, with a presence in 4,265 barangays (10.1 percent). About 2,959 barangays relied on self-help groups, while only 1,152 had access to rural or commercial banks. Government banks were available in 334 barangays, and 176 had access to cooperative banks. Meanwhile, local government units emerged as the largest provider of in-kind credit assistance to farmers and fisherfolk, supporting 15,181 barangays (36.1 percent). Farmers’/fishermen’s organizations and cooperatives/associations followed with presence in 11,348 (27.0 percent) and 8,399 (20 percent) barangays respectively, highlighting their significant role in rural credit assistance. The PSA also revealed that among the 42,020 barangays in the country as of December 31, 2022, threshers were the most commonly available machinery. Threshers were present in 19,583 (46.6 percent) barangays, or nearly half of all barangays covered in the 2022 Census of Agricultural and Fisheries (CAF). Ilocos Sur province had the highest percentage (88.7 percent) of threshers, with 681 out of 768 barangays reporting availability in 2023. Transplanters were the second most available machinery, found in 17,813 barangays (42.4 percent), followed by rice mills, present in 12,376 barangays (29.5 percent). Pasteurizers were the least available machinery/equipment, found in only 511 barangays (1.2 percent).
Agriculture Finance Credit Philippines Farmers Fisherfolk Money Lenders Microfinance Barangay
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