DBP partners with DA to boost cash aid disbursement
BUTUAN CITY -- State-owned Development Bank of the Philippines (DBP) has signed a memorandum of agreement (MOA) with the Department of Agriculture (DA) to facilitate the disbursement of financial assistance to the agriculture sector.
DBP
President and Chief Executive Officer Emmanuel G. Herbosa said that under the
agreement, the bank shall provide the disbursement channels to implement DA’s
initiatives on direct cash or loan interest rate subsidy and other forms
of assistance to qualified agri-fishery enterprises, agriculture cooperatives,
farmers, fisherfolk, and other agricultural workers.
“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
added that in line with this agreement with DA, DBP will also be working
closely with the Rural Bankers Association of the Philippines and various EMIs
for the efficient implementation of this project.
He
said DA would also be introducing an 'Interventions Monitoring Card’ that will
serve as an identification card to access government assistance for farmers
enrolled in the farmer’s registry, starting with the second round of the Rice
Farmers’ Financial Assistance worth P5,000 each, that would be
disbursed in the last quarter of the year.
“DBP
shares the mission of the DA in promoting the socio-economic well-being of all
Filipinos especially those in the agricultural sector,” Herbosa said. “We are
committed to provide faster, more reliable and more secure disbursement
channels to facilitate the delivery of much-needed financial interventions from
the National Government.” (DBP/PIA Caraga)
