State-run lender Land Bank of the Philippines said Friday it has approved over a billion pesos worth of loans to support the growth of the local onion industry.
Under the program, small farmers may borrow up to 90% of the total project cost for a production loan, while a maximum of 80% may be borrowed by small and medium enterprises , cooperatives, farmers’ associations and organizations, large agribusiness enterprises and corporations, non-government organizations , and countryside financial institutions .
Local government units may likewise avail of financial support under the Sulong Saka Program, provided that the loan amount will not exceed their net borrowing capacity, as certified by the Bureau of Local Government Finance , Landbank said.
Loan - who will pay, Pilipino citizens?