Solon pushes Senate on Agri-Agra invoice

A invoice that enables banks to increase support to the agricultural sector and make them adjust to the Agri-Agra legislation continues to be pending within the Senate greater than a yr after the Home of Representatives handed the measure, has declared the primary creator of the invoice. Camarines Sur consultant Luis Raymund Villafuerte referred to as on the Senate to hurry up its approval of the measure following reviews that lending establishments once more fell in need of complying with their loans to the sector in 2020. Preliminary information from the Bangko Sentral ng Pilipinas confirmed that the banking system was in a position to allocate solely about 10 % of its complete loanable funds final yr, effectively under the 25 % prescribed below the Agri Act -Agra Reform Credit score Act of 2009. Final yr, Villafuerte mentioned loans from banks for agriculture and land reform declined 2.8 %. at solely 713.6 billion pesos towards 733.92 billion pesos in 2019.

Invoice No. 6134, or the Rural Agriculture and Fisheries Growth Financing System Invoice, was rapidly handed to the Senate final yr, the place a homologous model of the measure continues to be pending. “Banks discover it troublesome to adjust to the provisions of the Agri-Agra legislation not due to the shortage of funds to lend to the agricultural sector, however as a result of the one means for them to conform is thru loans, which they hesitate to lack of creditworthy agricultural tasks, ”Villafuerte mentioned. “HB 6134, which was accepted by the Chamber a yr in the past, goals to broaden the modes of compliance of banking establishments by granting loans to the sector by permitting them, on the one hand, to spend money on bonds and actions that will finance actions to revive agriculture. productiveness, ”he mentioned.

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