Young Farmers Program releases grants to 10 entrepreneurs

Ten young graduates of agriculture-related courses and budding entrepreneurs who participated in the Young Farmers Program (YFP) have started their agribusiness activities following the approval and release of loans and grants for their respective proposed projects with a total of P2.286 million.

YFP is a novel agricultural funding program introduced by Sen. Ramon Magsaysay Jr. to encourage young graduates of agriculture, fisheries and other related courses, as well as budding entrepreneurs to engage in farming and agribusiness ventures and become successful entrepreneurs. The program has an initial fund of P50 million to be distributed as grants to participants and for operational expenses.

Magsaysay explained that under the program, the government is committed to help participating entrepreneurs secure loans representing 60 percent of the total capital needed for their proposed agriculture-related business. The 25 percent of their needed capital would be provided as grant by the program, while the remaining 15 percent has to be raised by the proponent as equity.

The 10 young farmer-entrepreneurs belong to the first and second batch of trainees who finished the training course required for participants to the YFP. The program has already trained 44 young farmer-entrepreneurs and 29 young farmer volunteers, Magsaysay said.

YFP participant Carlos Querijero, a 30-year-old graduate of Psychology from Ateneo de Manila University and taking up Masters in Entrepreneurship at the Asian Institute of Management, is now engaged in coconut coir and peat production in Sorsogon and is set to supply the materials needed by geotextile exporters. He was able to secure a loan of P300,000 from Quedancor and a grant amounting to P124,937.50 from the YFP.

Mercurio Antimano, 28, an Agroforestry graduate of Quirino State College, was able to borrow P180,000 from Quedancor and received a grant amounting to P75,000 for his tilapia production project in Quirino. For his duck-raising project, David Dumlao, 29, also a Quirino State College graduate, was extended a loan amounting to P100,000 and a grant of P42,102.50.

Eidelson Elchico and Alberto Esguerra have a joint venture in broiler production in Laguna. Their approved loan from Quedancor amounted to P180,000 while the grant reached P88,142.04.

Other YFP beneficiaries are Mikhail Chavez of Oriental Mindoro, P180,000 loan and P75,000 grant for his papaya production; Ronald Esmalana of Bukidnon, P53,460 loan and P22,275 grant for goat production; Remy Gene Peregrino of Surigao del Sur, P45,120 loan and P18,800 grant for duck raising; Marvin Zuniga of San Mateo, Rizal, P60,000 loan and P25,000 grant for cattle-fattening project; and Brian Quirol of Leyte, P180,000 loan and P125,000 grant for mango production.

Magsaysay said that more loans and grant would be released soon for approved YFP projects as he stressed the need to fully implement the program in order to help address the problem of unemployment and to assist fresh graduates in putting up their own business.

"By providing them with full production support, combined with additional technical know-how, capital and land use, young agriculture graduates with the right attitude, can easily turn themselves into successful entrepreneurs," Magsaysay said.