Solon eyes cheaper loans for farmers, fisherfolks
A lawmaker has filed a projects that seek to make
bill seeking to lower the fnarcial services like vir-
cost of loan process for ual banking available
farmers and Iisherfolks. will be made available to
House comrqittee on farmers and fisherfolks at
ways and means chair- little or no cost.
man and Albay Rep. Joey ngri Agra requires
Salceda has filed 'The banks to lend a certain
Rural Agricultural and portion of their portfo-
Fisheries Financing En- lio to farmers and fish,
hancement System bill to erfolk. Of course, it has
enhance the Agri Agra not worked to the fullest
Reform Act of 2009 (Re because farmers arerit
public Act 10000). banked in the first place.
The bill is also a com- High dsk ang farmers
ponent ofthe banking re- for conventional banks.
forms the Bangko Sentral Bukod diyan, malayo ang
ng Pilipinas has tequest-
bangko sa bukid. Marami
ed from Congress as part pang requirements kaya
of its strategy to achieve magpapabalik-balik ka.
the A-level credit nting Siyempre, ')'ung iba, sa
the country is pursuing. , malapit na fiye-sl\ na{hng
Under the Salceda hihiraml' Salceda said
proposal, programs or He said that there
would be no need to do
physical banking because
of virtual applications
that allow you to open
a bank account in your
cellphone and borow
from a BsP-registered
bark.
'And because virtual
banks operate at low
et costs, mas mura ang
loans na kayang ibigay.
Virtual banking will
glow eYen more acces-
sible when my Virtual
Banking Act is passed.
Once tkt ,happens, my
amendments to Agn
Agra will also help ensure
that even farmers from
remote communities can
be included in the bank-
ing and lending system.
, -
Basta may signal so let's
also pass the Public Ser-
vice Act amendments."
Salceda added.
The solon said that
his amendments to the
Ag Agra law respond to
the request of BSP Gov-
emor Benjaain Diokno
for Congress to make key
financial reforms for the
country to reach A-credit
rating in two years.
The amendhents also
follow Salcedab financial
inclusion bills, includ-
ing'push for a regulatory
framework for Virtual
Banking Act (HB 59t3)
and the Financial Con-
sumer Protection Act (HB
5976), which will protect
small-time investors frorn
investment fraud. teif
biny Begas Pg<6