The Department of Agriculture (DA) said it has allotted P3 billion as initial fund for agricultural ventures intended to attract the youth to go into fishing and farming.
Covered for funding are innovative agri-fishery projects and agribusiness incubation enterprises for millennials, hobbyists, farmers’ cooperatives and associations and agri-preneurs, according to Agriculture Secretary William Dar.
Dar said the P1-billion Kapital Access for Young Agripreneurs loan program provides loans to Filipinos aged 18 to 30 years old who are into any agri-fishery project, for up to P500,000 payable in five years at no interest.
Another P1 billion has been allotted for the Agri-Negosyo loan program for micro, small and medium enterprises (MSMEs) for their expansion. MSMEs s can borrow up to P15 million, payable in five years also at zero interest.
The DA is also allocating P500 million for the Agricultural Technology Business Incubation program that will provide grants to innovators to translate their ideas into unique farm and fishery products.
The remaining P500 million is provided by the agency for the Inclusive Agribusiness program aimed at capacitating and empowering FCAs, where they can avail of a grant for institution-building and hire professional managers who will help them run their enterprise.
Dar said state universities, colleges, government agencies and business development services will be tapped for these projects.
The DA is also set to establish a Young Farmers’ Academy that integrates under one roof all their programs and initiatives for the youth.
