Landbank extends credit to farmers, fisherfolk under SEAFDEC program

The Land Bank of the Philippines (LBP) will provide credit assistance to qualified farmers and fisherfolk and small and medium industries (SME) that will adopt aquaculture technologies generated by two fisheries entities.

LBP made the commitment in a memorandum of agreement entered into with the government-hosted Southeast Asian Fisheries Development Center Aquaculture Department (SEAFDEC AQD) based in Tigbauan, Iloilo, and the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR).

Signatories to the agreement were LBP president and ceo Gary Teves, SEAFDEC AQD head Rolando R. Platon, and BFAR director Malcolm Sarmiento Jr.

Under the agreement, LBP will provide credit assistance to farmers/fisherfolk and industries that will adopt technologies generated by SEAFDEC AQD and BFAR under their Joint Mission for Accelerated Nationwide Technology Transfer Program (JMANTTP).

SEAFDEC AQD successfully generated and verified aquaculture technologies that are "economically viable, environment-friendly, and socially equitable".

These technologies include broodstock (breeder) development, fish seed production, grow-out of important finfishes, crustaceans, mollusks, and seaweeds in various culture conditions.

THE JMANTTP enabled these technologies to be tested and verified in numerous culture conditions with private fishpond operators, local government units, nongovernment units, and other organizations nationwide.

The entry of the LBP into the technology transfer program is expected to solve the lingering problem of scarce credit resources of small aquafarmers and fisherfolk who intend to start of expand aquaculture ventures.

"The availability of this credit facility is actually a breakthrough in aquaculture development in the country, because it will unleash the aquaculture sector in contributing its share to raise national productivity, particularly to the rural poor," said Dr. Platon.

The government-run financial institution commits to prepare technology guides, technology financing modules, training modules, and documentation of best farming practices, which are intended to serve as a guide for evaluating credit proposals among its lending centers.

The bank will also finance the technology transfer activities for target clients, on a cost-sharing basis.

A working committee composed of representatives of LBP, SEAFDEC AQD, and BFAR will plan and implement the partnership program.

It sees the partnership as an opportunity to expand its credit programs and enhance viability of financed projects for small farmers and fisherfolk, which runs parallel to its ongoing technology program forged with several state colleges and universities on the validation and promotion of mature agriculture-based technologies that are intended to improve loan recovery.