DBP partners with DA, tech firm to support agri-based entrepreneurs | Inquirer News

DBP partners with DA, tech firm to support agri-based entrepreneurs

By: - Reporter / @DYGalvezINQ
/ 12:02 PM August 06, 2020

Image from the Department of Agriculture website

MANILA, Philippines — The Development Bank of the Philippines has partnered with the Department of Agriculture and a financial technology firm to pave the way for aspiring entrepreneurs in the agriculture sector to access financing.

In a statement on Thursday, DBP President and chief executive officer Emmanuel Herbosa said DBP would serve as a settlement bank to lending conduits of the Agricultural Credit Policy Council and PayMaya Philippines Inc. in the implementation of DA’s loan program for entrepreneurs.

ADVERTISEMENT

“DBP takes pride in this partnership which opens a whole new spectrum of opportunities in boosting agricultural productivity, food security and self-sufficiency, and in eradicating poverty and hunger, especially in the countryside,” Herbosa said.

DA’s loan program, dubbed as Kapital Access for Young Agripreneurs (KAYA), is the department’s first digitized financing program to support the capital requirements of start-up or existing agri-based projects of young entrepreneurs.

FEATURED STORIES

The program targets entrepreneurs aged between 18 to 30 years old and offers interest-free loans of up to P500,000, which can be repaid in five years.

Herbosa said the partnership between the two agencies and a firm builds on the  successful disbursement of funds to the farmer-members of NMI Agri-Coop and tobacco farmers in Isabela province, who have since transitioned to bonafide bank account holders.

“With this new initiative with DA and PayMaya, DBP hopes it can inspire a new breed of agripreneurs who are technologically-and-financially savvy, in order to ensure food security for future generations of Filipinos,” he said.

EDV
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: DA, DBP, entrepreneurs, partnership
For feedback, complaints, or inquiries, contact us.

Subscribe to our daily newsletter



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.