THE Development Bank of the Philippines (DBP) has been appointed a distributor of financial assistance to farmers and fishing communities for funds disbursed by the Department of Agriculture (DA).
In a statement Friday, DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank will dispense cash or loan interest subsidies and other forms of assistance to qualified agri-fishery enterprises, agriculture cooperatives, farmers, fisherfolk, and farm workers.
Under the agreement signed by DA and DBP, the funds will be downloaded directly to DBP accounts or those maintained in other banks, as well as electronic money issuers (EMIs) and other Bangko Sentral ng Pilipinas-supervised financial institutions. The bank will use electronic fund transfer channels such as the Philippine Payment and Settlement System (PhilPASS) and DBP-accredited payout outlets.
Mr. Herbosa said the DBP will also be working with the Rural Bankers Association of the Philippines and various EMIs to implement the project.
“The DA will also be introducing an ‘Interventions Monitoring Card’ that will serve as an identification card to access government assistance for farmers enrolled in the farmers’ registry, starting with the second round of the Rice Farmers’ Financial Assistance worth P5,000 each, that will be disbursed in the last quarter of the year,” Mr. Herbosa said. — Revin Mikhael D. Ochave