DBP partners with DA to boost cash aid disbursement Herbosa added that in line with this agreement with DA, DBP will also be working closely with the Rural Bankers Association of the Philippines and various EMIs for the efficient implementation of this project.
State-owned Development Bank of the Philippines (DBP) has signed a memorandum of agreement (MOA) with the Department of Agriculture (DA) to facilitate the disbursement of financial assistance to the agriculture sector.
“DBP and DA will continue to work on an expanded alliance to promote the growth potential of agribusinesses towards gainful economic growth for local communities,” Herbosa said.
Under the MOA, beneficiaries of various DBP President and DA programs may receive Chief Executive Officer their funding assistance Emmanuel G. Herbosa said via direct credit to their that under the agreement, DBP accounts and/or the bank shall provide the other banks’ accounts/ disbursement channels to Electronic Money Issuers implement DA’s initiatives (EMI) and other Bangko on direct cash or loan Sentral ng PIlipinasinterest rate subsidy and Supervised Financial other forms of assistance Institutions through to qualified agri-fishery electronic fund transfer enterprises, agriculture channels such as PhilPASS, cooperatives, farmers, and DBP-accredited fisherfolk, and other payout outlets. agricultural workers.
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|August 7-13, 2021
He said DA would also be introducing an ‘Interventions Monitoring Card’ that will serve as an identification card to access government assistance for farmers enrolled in the farmer’s registry, starting with the second round of the Rice Farmers’ Financial Assistance worth P5,000 each, that would be disbursed in the last quarter of the year. “DBP shares the mission of the DA in promoting the socio-economic well-being of all Filipinos especially those in the agricultural sector,” Herbosa said. “We are committed to provide faster, more reliable and more secure disbursement channels to facilitate the delivery of much-needed financial interventions from the National Government.” (DBP/PIA Caraga) Caraga INFOCUS
