THE Agricultural Credit Policy Council (ACPC) said it will stop collecting loan payments from farmers and fisherfolk for one year, citing the need to provide relief from rising fuel prices.
In a statement on Thursday, the ACPC, an arm of the Department of Agriculture (DA), said the moratorium applies to qualified borrowers with active loans. Their loan payments can be suspended for up to 12 months, subject to approval by partner lending institutions.
The council said the moratorium is being carried out under the Survival and Recovery Program, which provides financial assistance to farmers and fisherfolk recovering from calamities or economic disruptions.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement that the loan relief is part of the government’s strategy for mitigating the effects of higher input costs.
“We are prioritizing immediate relief while strengthening long-term access to credit so our agricultural sector remains productive and stable despite external shocks, particularly rising fuel and fertilizer costs,” he added.
The ACPC will work with its lending partners to carry out the moratorium, with applications to be evaluated based on eligibility and loan status. Priority will be given to borrowers in good standing who are facing temporary financial difficulties. — Vonn Andrei E. Villamiel
