Landbank, DA offer loans, other in-kind interventions to storm-hit regions
The state-run Land Bank of the Philippines is offering immediate financial assistance to individuals and businesses in storm-hit areas.
Those affected by the Severe Tropical Storm “Kristine” can secure loans through the Landbank Cares Plus (Community Assistance and Reintegration Support Plus) lending program to cover essential expenses, including working capital, capital expenditures, and the repair or acquisition of equipment, facilities and structures that have been damaged by the storm.
The bank said that power distributors may tap short-term working capital to address increased generation and distribution costs following the storm.
“Landbank stands ready to provide accessible, responsive, and immediate financial assistance to sectors severely impacted by the typhoon. We are fully committed to doing our part in helping our kababayans and communities recover from this adversity while accelerating recovery efforts,” Landbank president and CEO Lynette Ortiz said in a statement.
Cash and in-kind interventions
The Department of Agriculture (DA), for its part, has prepared more than P2 billion worth of cash and in-kind interventions to assist affected farmers and fishers in the country. It also has a P1 billion quick response fund for the rehabilitation and recovery of affected areas.
- Some P500 million in loans can be secured through the Agricultural Credit Policy Council’s Survival and Recovery (SURE) Loan Program. The loans are payable in three years at zero interest.
- The Philippine Crop Insurance Corp. is ready to indemnify insured farmers affected by Kristine. The agency is also distributing P541.02 million worth of agricultural inputs, including rice, corn, and vegetable seeds, drugs, and biologics for livestock and poultry.
- The National Food Authority is providing bags of rice stocks to aid relief efforts of the Department of Social Welfare and Development, local governments, and other relief agencies.
- The DA has deployed Kadiwa stores to affected areas.
Agri losses
The livelihood of farmers and fishermen in various parts of the Philippines has been affected by the intense rains and floods caused by Kristine, with agricultural losses exceeding the P3 billion mark.
The country’s agriculture sector sustained P3.11 billion in losses and affected 74,554 farmers in many regions, according to the DA’s bulletin issued on Sunday.
Affected regions were the Cordillera Administrative, Ilocos, Cagayan Valley, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), Mimaropa (Mindoro, Marinduque, Romblon, Palawan), Bicol, Western Visayas, Eastern Visayas, Soccsksargen and Caraga.
The volume of production losses was estimated to be 160,107 metric tons and covered 72,329 hectares of land.
Rice was the most affected subsector, suffering P2.87 billion in losses, accounting for 92.51 percent of the total losses.
Read more: Agricultural damage due to Kristine climbs to P3.11B
