Marawi farmers benefit from zero-interest bank loans

Philippine News Agency

June 2, 2021

ZERO-INTEREST LOAN. A female representative of the Land Bank of the Philippines assists a farmer in Marawi City on May 28, 2021, fill up his form for an interest-free cash loan of PHP25,000 payable within the next 10 years. A total of 80 farmers from Lanao del Sur province received the loan assistance as facilitated by the Ministry of Agriculture, Fisheries and Agrarian Reform-Bangsamoro Autonomous Region in Muslim Mindanao. (Photo courtesy of MAFAR-BARMM)

COTABATO CITY – Small farmers and fisherfolk from Lanao del Sur have each received PHP25,000 non-interest-bearing cash loans from the Ministry of Agriculture, Fisheries and Agrarian Reform-Bangsamoro Autonomous Region in Muslim Mindanao (MAFAR-BARMM).

Lawyer Khalid Ansano, MAFAR-Lanao del Sur director, said Wednesday the loan was granted to 80 beneficiaries in partnership with the Department of Agriculture.

“The support aims to subsidize the emergency and production capital requirements to ensure availability of food supply in their communities,” Ansano said.

He said a delegation from the MAFAR regional office oversaw the recent loan distribution in Marawi City.

Under the loan, beneficiaries were given 10 years to pay at zero-percent interest with no collateral required through the Land Bank of the Philippines that served as the loaning conduit for the province.

Aisah Aminodin, daughter of one of the farmer-beneficiaries, said his father, Bolawan, was very happy with the help given to them by MAFAR-BARMM.

“Salamat po talaga. Malaking tulong po ito sa amin lalo na ngayong panahon ng pandemya (Thank you very much. This is a great help to us in this time of the pandemic)," she told the PNA in a phone interview.

Ansano urged the beneficiaries to suitably use the loan and maintain credibility by paying back the bank on time so they can continue receiving such support from the BARMM government.

The MAFAR-BARMM said it is targeting 2,500 farmers and fisherfolk across the region to receive the same assistance. (PNA)

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