1,223 CAR fisherfolks benefit from P30M zero interest loan

Mt. Province, Philippines – The Bureau of Fisheries and Aquatic Resources (BFAR) - Cordillera has provided loan grants of over 30 million pesos to about 1,223 fisherfolks in the region to help them increase production and augment income.

The loan grant is part of the Expanded Survival and Recovery Loan Program (SURE COVID-19) of the Department of Agriculture through the BFAR as its implementing arm.

According to BFAR-CAR, they distributed an initial amount of P 12,900,000 to 516 fisher folks in four provinces in the region - 117 in Apayao, 224 in Benguet, 87 in Ifugao and 88 in Kalinga.

Now they are working on the doling out of the P5,750,000 to 230 individuals in Mountain Province - 26 borrowers in Sadanga, 7 in Bontoc, 71 in Besao, 84 in Tadian, 84 in Barlig, 5 in Bauko, 13 in Sagada and one in Paracelis.

The loan grant given to each fisherfolk amounts to P25,000 and is paid with zero interest. It is also a no collateral loan scheme which is payable in 10 years. Only the service fee and documentary stamp tax will be deducted from the principal amount.

Meantime, Abra received P11,925,000 for 477 recipients in 19 selected towns - 11 from Bangued, 62 from Bucay, 2 from Bucloc, 13 from Daguioman, 11 from Danglas, 39 from Dolores, 1 from La Paz, 10 from Lagangilang, 51 from Lagayan, 124 in Langiden, 20 from Licuan-baay, 1 from Malibcong, 24 from Manabo, 2 from Pilar, 7 from San Isidro, 9 in San Juan, 2 from Tayum, 1 from Tineg and 87 from Villavicios.

The distribution of the loan is a continuous program of BFAR-CAR aimed at assisting fisher folks, farmers and Indigenous peoples affected by the Covid-19 pandemic.

The fisherfolk borrowers in the region were endorsed by BFAR-CAR, after having been validated by their Provincial Fisheries Offices and Local Government Units.

The program, BFAR-CAR said, is part of the Department of Agriculture’s Ahon Lahat, Pagkaing Sapat Kontra Covid-19 (ALPAS SA COVID-19) Program under Republic Act No.11469 or the Bayanihan to Heal as One Act.

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