Government readies financial education for agriculture

MANILA, Philippines — The Department of Agriculture-Agricultural Credit Policy Council (DA-ACPC) has partnered with the Bangko Sentral ng Pilipinas (BSP) and the BDO Foundation to develop a financial education program for small farmers, fisherfolk and livestock raisers.

In a statement, the ACPC said the program is targeting around 4,000 credit beneficiaries of the ACPC.

A memorandum of agreemenet was signed by BSP Governor Benjamin Diokno, DA Secretary and DA-ACPC Governing Council chair William Dar, BDO Foundation president Mario Deriquito, and BDO Foundation trustee Lucy Co Dy.

The program is the latest in a series of collaborations among the BSP, BDO Foundation, and key government agencies designed to promote financial education and consumer protection, in line with the National Strategy for Financial Inclusion (NSFI).

This initiative, intended to form part of the capacity building programs of DA-ACPC, aims to instill basic personal financial management skills, with emphasis on agripreneurship and maintaining a good credit standing among farmers, fisherfolk, livestock raisers, young agripreneurs, and repatriated overseas Filipino workers engaged in agribusiness, through engaging and effective financial literacy modules and tools.

“Filipino farmers and fishers remain among the poorest of the poor despite the abundance of agricultural and marine resources and their hard work and perseverance. The BSP and its partners will work together to empower our farmers, fishers, and livestock raisers to invest in a better financial and environmental future, by offering a solid financial literacy and education program,”Diokno said.

“Improving financial literacy and capability in our agricultural and coastal communities contributes significantly to inclusive economic progress – fulfilling the government’s vision of a food-secure Philippines, with financially savvy and financially healthy farmers and fisherfolk,”he added.

For his part, Dar emphasized the need for financial education in the agri-fishery sector, saying  the government wants to break the cycle of poverty for small farmers and fisherfolk.

“Under the new thinking and modernization initiatives in agriculture, we uplift and transform farmers and fisherfolk into agripreneurs with improved productivity and income. Thus, our agripreneurs need to be equipped with the right tools and attitudes when it comes to managing their finances,”Dar said.

An attached agency of the DA mandated to oversee credit and rural finance policy, DA-ACPC helps the government develop and implement strategies and policies that increase and sustain the flow of credit to agriculture and fisheries, improve the viability of farmers and fisherfolk, and support agriculture modernization, food security and poverty alleviation.

“DA-ACPC is committed to include financial education in its capacity building programs for farmers, fisherfolk, and livestock raisers who are beneficiaries of its credit programs. Through this partnership, our borrowers will be able to make informed financial decisions,” DA-ACPC Executive Director Badiola said.

For his part, Deriquito said poverty alleviation through financial inclusion forms part of BDO Foundation’s key advocacies and contributions to the United Nations Sustainable Development Goals.

“For giving us this opportunity to be of service to small farmers and fisherfolk, we are grateful to the BSP and DA-ACPC. It is our hope that our partnership program will pave the way for farmers, fisherfolk, livestock raisers and their families to achieve financial stability and empower them to gain access to financial services that can help improve their lives,”Deriquito said.