Palawan Group, DA ink partnership on agri loans
The Palawan Group of Companies (PGC) has partnered with the Department of Agriculture (DA) to streamline loan disbursement and repayment services for farmers and fisherfolk
“This partnership underscores our mission of financial inclusion, ensuring Filipinos, especially those in rural communities, can access essential financial services conveniently and seamlessly,” said Lisa Lou Castro-Sabado, PGC’s cash management solutions director.
Under the agreement, loan borrowers of the DA’s Agricultural Credit Policy Council (ACPC) can claim their loans and make payments through PGC channels.
The PGC said on Monday that through this collaboration, farmers and fisherfolk can access loans easier and repay them more conveniently.
For their part, ACPC director for program development and capacity building Noel Clarence Ducusin said: “Through our partnership with Palawan Group, we are streamlining loan disbursement and repayment, enabling farmers and fisherfolks to focus on their livelihoods with greater ease and convenience.”
To date, the PGC has over 70,000 branches, Pera Padala outlets, and PalawanPay Money Shops nationwide.
Underserved
Citing government statistics, PGC said that farmers and fisherfolk represent the backbone of the Philippine economy, but are among the most financially underserved groups.
The company said that farmers account for the highest percentage of unbanked Filipinos, leaving many farmers and fisherfolk reliant on informal lenders or loan sharks.
PGC said it aims to address this critical gap in collaboration with ACPC, by providing structured, accessible and affordable financial services tailored to the unique needs of farmers and fisherfolk.
Highlighting a recent financial inclusion survey conducted by the Bangko Sentral ng Pilipinas (BSP), PGC said that pawnshops and money agents were among the most accessible touchpoints for rural communities.
PGC said that with its extensive network of pawnshops and remittance centers nationwide, the partnership leverages existing infrastructure to bring financial services closer to the unbanked and underserved sectors.
