SUGAR FARMERS are expected to have expanded access to credit under the revised implementing rules and regulations (IRR) of the Sugarcane Industry Development Act’s (SIDA) Social Credit Program, Land Bank of the Philippines (LANDBANK) said.
In a statement, LANDBANK said it recently signed the revised IRR of the Social Credit Program, alongside the Sugar Regulatory Administration (SRA), which will expedite credit applications by sugarcane farmers.
“The streamlining of the program’s processes aims to provide more accessible and affordable credit support, in line with the Bank’s commitment to empowering sugarcane farmers and boosting the agriculture sector,” it added.
SIDA, also known as Republic Act 10659, seeks to raise the competitiveness of the sugarcane industry and improve incomes of farmers and workers.
Currently 50% of SIDA funds go to the construction of farm-to-market roads. The remaining funds are allocated to research and mechanization, socialized credit, and block farm development, with 10% dedicated to scholarships.
SRA Administrator Pablo Luis S. Azcona did not immediately reply to a Viber message seeking comment.
As of the end of November, LANDBANK had approved P1.32 billion for the Social Credit Program, benefitting over 4,000 farmers, including six block farms and four common service centers. — Adrian H. Halili