The Bangko Sentral ng Pilipinas (BSP) reiterated that more work is needed between BSP and the banking industry to improve agriculture sector’s such as smallholder farmers access to credit and financing.
BSP Deputy Governor Chuchi G. Fonacier said there is a credit gap of P367 billion while the percentage of loans for production and economic activity for agriculture, along with fisheries and forestry, she added, is a paltry 2.9 percent.
Fonacier said the BSP and the banking sector has to closely work together to finance the agriculture’s huge potential as engine of growth. We recognize that one of the major hindrances to the flourishing of the agricultural sector is limited severely limited access to finance, said Fonacier during the BSP’s first Agriculture Value Chain Forum, with the Philippine Chamber of Agriculture and Food, Inc. (PCAFI) and the banking community.
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