Rural Bank of Pilar (Sorsogon), Inc., one of the lending conduits for Production Loan Easy Access (PLEA) and Survival and Recovery (SURE) Loan Assistance program in Albay and Sorsogon provinces started releasing funds to eligible farmers in Bacacay, Pilar and Casiguran. The amount of money entrusted to the Bank was intended for the Production Loan Easy Access (PLEA) program of DA through Agricultural Credit Policy Council (ACPC), which aims to empower farmers and fisherfolks by providing them easy access to credit that they can use to finance production of crops, livestock, poultry and fishing activities.
The PLEA program has a very minimal interest rate. Its loan limit is up to P50,000 at 6% per annum or 0.5% per month based on the project requirement and repayment capacity of the borrower, as evaluated by the Bank. The loan is payable in a span of two to 5 years, depending on the commodity or project.
The Bank was able to make this program possible in partnership with the Municipal Agricultural Officers (MAOs) in Bacacay, Mr. John Paul Serrano, Pilar and Casiguran.
Hannah F. Fabellore | Marketing Unit
