PASAY CITY -- Senator Christopher “Bong” Go reaffirmed his commitment to support the country’s agricultural sector as the Senate on Wednesday, February 2, approved on third and final reading a measure co-authored by the senator which seeks to strengthen the financial system for agricultural, fisheries, and rural development in the country.

Go emphasized the importance of supporting the Philippine agriculture and fisheries sectors, noting that food security is a vital part of the country's national security.

“It is critical that we support our farmers and fishers. To ensure that those in rural areas have equitable prospects for development, we must continue to strengthen agricultural support systems and infrastructure,” he added.

Go also stressed that the country’s agricultural sector needs support from the government now more than ever, particularly in light of the ramifications of the COVID-19 pandemic and recent natural disasters that hit the country.

“Lalo na sa panahon ngayon na apektado ng krisis ang ating ekonomiya, ‘back to basics’ tayo. Nakita natin kung gaano kahalaga ang agrikultura sa ating bansa at kabuhayan. Mabilis pong maibabalik ang sigla ng ating ekonomiya kung palalakasin natin ang sektor ng agrikultura sa mga probinsya,” said Go.

“Kaya suportahan po natin ang mga magsasaka at mangingisda. Tulungan natin silang malampasan ang paghihirap na dulot ng pandemya dahil ang sektor na ito ang bubuhay sa ating bansa pagkatapos ng krisis na ito,” he continued.

Senate Bill No. 1924, or the proposed Rural Agricultural and Fisheries Financing Enhancement Act, provides for an agriculture, fisheries and rural development financing system to improve the productivity, income, competitiveness and welfare of the rural community beneficiaries, such as farmers and fisherfolk, as well as their cooperatives, organizations and associations, through government and private banking institutions.

The measure will repeal Republic Act No. 10000, or the Agri-Agra Reform Credit Act of 2009, which was initially designed to extend credit access to the agricultural sector. Go highlighted that the existing law needs to be improved since farmers and fisherfolk remain a low-income, impoverished, high-risk sector due to the lack of means and mechanisms to add value to their products.

Under the proposed measure, all banking institutions, whether government or private, except newly-established banks, must now set aside a credit quota, or a minimum mandatory agricultural and fisheries financing requirement of at least 25% of their total loanable fund. The total loanable funds generated by a banking institution will be defined by the Bangko Sentral ng Pilipinas.

Banks may also comply with the mandatory credit requirement by lending to rural community beneficiaries to finance agricultural and fishery-related activities, among others. The modes of compliance under the proposed measure will be subject to review by the Agricultural and Fisheries Finance and Capacity-Building Council.

An Agribusiness Management Capacity and Institution-Building Fund (Special Fund) shall also be established to finance agricultural and fishery-related activities, as well as other capacity- and institution-building programs. Penalties due from banks on their noncompliance or undercompliance with the mandatory agri-agra credit requirement will form part of the Special Fund.

Through reforms to the existing structure of the financial system for agricultural, fisheries and rural development, Go said that rural communities will have greater access to credit which will help improve their welfare, competitiveness, income and productivity, particularly for farmers and fisherfolk.

“Suportahan po natin ang ating mga magsasaka at mangingisda. Tulungan natin silang malampasan ang paghihirap na dulot ng pandemya dahil ang sektor na ito ang bubuhay sa ating bansa pagkatapos ng krisis na ito,” he concluded.

Go has also been advocating for other programs to support farmers and fishers in the country. He is pushing for the enhancement of the irrigation of farmlands and expansion of the National Rice Program, Rice Competitiveness Enhancement Fund, among other programs.

He also emphasized the need to invest heavily in the establishment of regional and big provincial storage facilities to prevent wastage of farm produce. The senator also stressed the need to promote agripreneurship.

"Kailangan ang mindset nila ay hindi lang ang pagiging magsasaka at mangingisda. Turuan natin sila at iba pang kasapi ng kanilang pamilya sa pagnenegosyo,” said Go.

“Bigyan natin sila ng dignidad na hindi lang sila pangkaraniwang mga magsasaka at mangingisda. Gagawin din natin silang mga negosyante. We must give them free business, skills and technological trainings,” he added.

Go also emphasized the need to give more incentives to farmers' children, such as better scholarship grants, to encourage them to continue farming. (OSBG)