The Department of Agricultural (DA) alloted an initial PhP 3 billion for agricultural innovations for farm sector.
“The amount would go to various innovative agri-fishery projects and agribusiness incubation enterprises for millennials, hobbyists, farmers’ cooperatives and associations and agripreneurs,” Secretary of Agriculture William Dar mentioned.
Apart from providing agricultural innovations, DA will also provide financial support for start-ups businesses that are related to agriculture.
“The DA is focusing its efforts in empowering farmers’ cooperatives and associations and young agri-entrepreneurs by providing them not only appropriate innovative technologies, but also needed financial support by way of start-up capital, a fund for project expansion, mentoring or hiring of professional managers,” Dar added.
The one billion pesos was designated to Kapital Access for Young Agripreneurs loan program, which aims to attract the youth to engage in agriculture.
“The agency would implement a management internship program, where it will hire top graduates from SUCs and private academic institutions to work at any of the DA agencies to help attract more Filipino youngsters to engage in the farm sector,” Dar said.
“The DA’s Agricultural Training Institute is already establishing a Young Farmers’ Academy that integrates under one roof all their programs and initiatives for the youth,” the PhilStar reported.
Respectively, the program can borrow start-up capital of up to P500,000, payable in five years with zero interest.
The other one billion was allotted for Agri-Negosyo loan program to help the micro, small and medium enterprises to scale up their businesses. They can borrow up to Php 15 million which is also payable for five years with zero interest.