Philguarantee, DTI expand credit support for rural agribusiness
THE Philippine Guarantee Corp. (Philguarantee) on Tuesday said it partnered with the Department of Trade and Industry (DTI) to widen access of farmers’ cooperatives and rural agribusinesses to financing.
In a statement, the state-run guarantee firm said it signed a memorandum of understanding (MoU) agreement with the representatives from the Rural Agro-enterprise Partnership for Inclusive Development and Growth (RAPID) project to extend credit guarantees under the Agricultural Guarantee Fund Pool (AGFP).
“Under the MoU, eligible cooperative hubs and agricultural actors supported by RAPID Growth can access AGFP credit guarantees, helping financial institutions offer unsecured loans with reduced risk,” it said.
The RAPID project seeks to intensify agro-enterprise development in rural areas.
Philguarantee Senior Vice-President Emmanuel R. Torres said limited access to financing has long held back rural enterprises, despite farmers’ skill and drive to grow.
The initiative is expected to bolster agribusiness and inclusive finance, and to create sustainable employment and livelihoods across Mindanao, it said. — Aubrey Rose A. Inosante
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