MANILA, Philippines — Senator Imee Marcos pushed for an increase of loan releases to farmers, fishermen and agrarian reform beneficiaries by proposing higher penalties on banks that fall short of the level of lending.
Marcos, who chairs the Senate committee on economic affairs, said it’s high time for a penalty hike of 2 percent from 0.5 percent for banks who would fail to allot at least 25 percent of their loanable funds to agricultural and agrarian reform (agri-agra).
“An increase of the penalty from 0.5% to 2% can spur better lending, or at least better funding for agri-agra support mechanisms,” Marcos said in a statement on Thursday, citing the Agricultural Guar…
Keep on reading: Imee Marcos seeks more loan releases for farmers, fishermen