A memorandum of agreement (MOA) between the state-owned Development Bank of the Philippines (DBP) and the Department of Agriculture (DA) was signed to facilitate the disbursement of financial assistance to the agriculture sector.
Under the agreement, the bank would provide the disbursement channels to implement the DA’s initiatives on direct cash or loan interest rate subsidy and other forms of assistance to qualified agro-fishery enterprises, agriculture cooperatives, farmers, fisherfolk, and other agricultural worker,” DBP president and chief executive officer Emmanuel Herbosa said.
“DBP and DA will continue to work on an expanded alliance to promote the growth potential of agribusinesses towards gainful economic growth for local communities,” Herbosa said.
Under the MOA, beneficiaries of various DA programs may receive their funding assistance via direct credit to their DBP accounts and/or other banks’ accounts/electronic money issuers (EMI) and other Bangko Sentral ng Pilipinas-supervised financial institutions through electronic fund transfer channels, such as PhilPASS, and DBP-accredited payout outlets.
Herbosa said the DBP would also work closely with the Rural Bankers Association of the Philippines and various EMIs for the efficient implementation of this project.