The Land Bank of the Philippines said it can start distributing Intervention Monitoring Cards (IMCs) to 90,227 farmers in Ilocos, Cagayan Valley, Central Luzon and Western Visayas regions by September 7.
IMCs were requested by the Department of Agriculture (DA) to the bank to facilitate the release of cash grants to farmers under the Rice Farmers Financial Assistance (RFFA) program.
Land Bank said from August 1 to 18 this year, it received from the DA the request for batch opening of accounts and card production for Ilocos with 58,103 accounts; Cagayan Valley with 27,159 accounts; Central Luzon with 3,978 accounts; and Western Visayas with 987 accounts.
The state-run bank added it is now in the process of validating the accounts and if all are in compliance with requirements.
“Land Bank is cognizant of the need for government cash assistance to reach marginalized Filipinos, especially our farmers. We assure the public that these limited and precious resources are being managed with utmost prudence and we will continue to work closely with the DA for the immediate release of the cash grants,” said Cecilia Borromeo, Landbank president and chief executive officer, in a statement.
The RFFA is a direct cash transfer worth P5,000 each to rice farmers tilling two hectares or less, as compensation for their projected income loss due to the drop of palay price.
The program sources its fund from rice tariffs collected annually in excess of the P10 billion allocated for the Rice Competitiveness Enhancement Fund.
Leonardo Montemayor, Federation of Free Farmers chairman, earlier urged the bank to fast track the release of the subsidy.
“…In contrast, the RFFA program funds that were allocated to the Development Bank of the Philippines and coursed through local branches of M. Lhuillier or USSC money transfer companies have generally been smoothly disbursed to beneficiary farmers.” – Jed Macapagal