PCCI wants agri-agra loan program handled by GFIs

Desiderio, Louella D.

Date

January 2, 2015

Author

Desiderio, Louella D.

Metadata

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Classification code

PS20150102_B6

Excerpt

The Philippine Chamber of Commerce and Industry (PCCI) wants lending to the agriculture sector and agrarian reform beneficiaries solely in the hands of government financial institutions (GFIs) as banks are unable to comply with the mandated level of loans to the sectors by law. PCCI president Alfredo Yao, whose group controls mid-sized lender Philippine Business Bank, told reporters banks find it difficult to comply with Republic Act (RA) 10000 or The Agri-Agra Reform Credit Act of 2009. The law mandates banks to set aside 25 percent of their loanable funds to the agriculture and fisheries sector, of which 10 percent will have to be provided to agrarian reform beneficiaries.

Citation

Desiderio, L. D. (2015, January 2). PCCI wants agri-agra loan program handled by GFIs. Philippine Star, p. B6.