The leadership of the House of Representatives supports the proposal of Agriculture Secretary Emmanuel F. Piñol for a bond flotation program to finance the construction of 13,000 kilometers of farm-to-market road and the government’s farm and fisheries mechanization program.
Eastern Samar Rep. Ben P. Evardone, chair of the House of Representatives’ Committee on Banks and Financial Intermediaries, said the proposed bond flotation will speed up modernization of farming and boost direct access by farmers to markets.
He said this will also allow banks to comply with the requirement of the Agri-Agra Law to set aside 25% of their loanable funds for agricultural financing.
Evardone said the completion of the network of farm-to-market roads will boost the agriculture sector especially the effort of the Duterte Administration to provide available and affordable food to all Filipinos.
“I have discussed this concept of bond flotation with (Finance) Secretary (Paul) Dominguez and he believes floating bonds to finance the construction of this vital road network is a good investment in the future of our rural areas,” Evardone said.
Secretary Piñol said mechanization will cut down post-harvest losses especially in rice and corn, and even in the fish catch.
“The country loses 16 percent of its grains harvest because of the lack of post-harvest facilities while 40 percent of the fishermen’s catch is spoiled because of the absence of ice-making plants and cold storage,” he added.
Piñol told journalists during the awarding ceremonies of the Philippine Agricultural Journalists (PAJ) for the best agriculture and environment journalism last night at the Makati Diamond Residences that the bond flotation is necessary to complete the network of farm-to-market roads around the country within the term of President Rodrigo R. Duterte.
Piñol said proceeds from the bond float will be used in mechanization and for loan to farmers and fishermen’s associations to be managed by DA’s Agricultural Credit Policy Council (ACPC).
He said P140 billion is needed to finance the construction of an estimated 13,000 kilometers of farm-to-market roads all over the Philippines, while another P60 billion is needed to finance the mechanization of farms and fishing communities nationwide.
“The proposal has been welcomed by Finance Secretary Carlos Dominguez and Central Bank Governor Nestor Espenilla, who both said that the measure would utilize the vast resources of private and commercial banks that are required by law to lend 25% of their loan funds to the agriculture and fisheries sector,” Piñol added. (Press Release from the Office of Congressman Ben Evardone)
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