The Senate has ratified a bicameral conference committee report endorsing the passage of an enabling bill that will expand farmers’ access to financial services.
Acting on the endorsement of Sen. Cynthia Villar, senators adopted the bicameral conference committee report on the bill repealing Republic Act 10000 or the Agri-Agra Reform Credit Act of 2009.
More than increasing penalties to ensure bank compliance, she said in a statement that she finds merit in the proposal to consolidate the loan allocation for farmers and fisherfolks and agrarian reform beneficiaries . Toward this end, it further provides that all banking institutions, whether government or private, except newly-established banks for a period of five years from date of commencement of the banks’ operations, shall set aside a credit quota, or a minimum mandatory agricultural and fisheries financing requirement of at least 25 percent of their total loanable funds.
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