Bill giving farmers and fishermen access to micro-financing filed at BARMM Parliament
MANILA, Philippines — A bill proposing to micro-finance struggling small scale fisherfolks and farmers has been filed in the parliamentary of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) in Cotabato city.
The bill titled “Bangsamoro Agricultural Microfinance Act of 2023” was submitted by member of parliament Amir Mawallil.
In a statement on Friday, he said, “the program will be financed from various sources, including the Bangsamoro government budget, grants, donations, concessional loans, and loans from commercial banks and other financial institutions.”
Mawallil added, the measure seeks to promote financial inclusion by reaching out to unbanked communities.
The BARMM representative said underserved communities have limited access to credit, inadequate infrastructure, low productivity and market linkages.
To alleviate this, some of the proposed measures in the bill include using mobile and digital technologies, establishing community-based micro financing institutions, and developing financial management skills programs.
“Agriculture is a vital sector in BARMM, providing livelihood to about 70% of the region’s population. However, small-scale farmers and fisherfolks, who comprise the majority of the sector, face various challenges that hinder their productivity and income,” said the member of the parliament.
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