The Department of Agriculture (DA) will fund Php 2 billion to support agricultural enterprises for youth through lending programs.
Through this, DA can attract Filipino youth to become key players in agriculture in attaining our vision of a food-secure Philippines with prosperous farmers and fishers.
“Through the Agricultural Credit Policy Council (DA-ACPC) would implement the agri-entrepreneurship programs for the youth, namely the Young Agripreneurs Loan Program (YALP), and Micro and Small Agribusiness Loan Program (MSALP) — with an initial budget of PHP1 billion each”, Agriculture Secretary William Dar stated.
“We have to replace aging farmers with younger blood — our Pinoy millennials — who are the future of Philippine agriculture,” he added.
Respectively, agri-fishery graduates and young hobbyists under YALP that are aged 18 to 30 years old can avail the loan.
“MSALP, on the other hand, agripreneurs can borrow working capital or for fixed asset acquisition, from PHP300,000 up to PHP15 million, for micro and small enterprises,” the Philippine News Agency (PNA) report mentioned.
Moreover, the YALP and MSALP will be launched before January ends.
These two programs mainly support agricultural enterprises for youth.
“This has been one of my advocacies. Let us give our Filipino millennials the means to be part of our journey towards agricultural modernization and industrialization,” Dar said.