The initiative is implemented under Administrative Order No. 2, series of 2017, which governs the Survival and Recovery (SURE) Program — a financial assistance framework designed to help farmers and fishers recover from calamities, emergencies and economic disruptions.
The Philippine government has introduced a loan payment moratorium to support farmers and fisherfolk grappling with rising production costs driven by higher fuel prices.
Announced by the Department of Agriculture in Manila, the measure allows qualified borrowers to temporarily suspend debt repayments, offering immediate financial relief to vulnerable rural communities.
RELEVANT SUSTAINABLE GOALS
Part of the Survival and Recovery (SURE) Program
The initiative is implemented under Administrative Order No. 2, series of 2017, which governs the Survival and Recovery (SURE) Program — a financial assistance framework designed to help farmers and fishers recover from calamities, emergencies and economic disruptions.
Through the program, borrowers under the Agricultural Credit Policy Council with existing loans may apply for a repayment suspension of up to one year.
Approval will be subject to review by partner lending institutions, including government financial institutions, rural banks and cooperative banks.
Coordinated Effort to Strengthen Rural Resilience
Agriculture Secretary Francisco Tiu Laurel Jr. emphasized that the moratorium is part of a broader, coordinated strategy.
“The loan moratorium is not a standalone measure, but part of a coordinated government effort involving financing institutions, local lending partners, and Department of Agriculture agencies working on rural resilience,” he said.
He added that the government is balancing short-term relief with long-term stability in the agricultural sector.
“We are prioritizing immediate relief while strengthening long-term access to credit so our agricultural sector remains productive and stable despite external shocks, particularly rising fuel and fertilizer costs,” he said.
Rallen Verdadero, Executive Director of the Agricultural Credit Policy Council, will oversee coordination with lending partners to ensure the smooth rollout of the program nationwide.
Applications for the moratorium will be assessed based on eligibility and loan status. Priority will be given to borrowers in good standing who are facing temporary financial strain due to increased energy costs.
Rising Fuel Prices Add to Economic Strain
The policy comes as fuel prices have surged sharply since late February, following escalating tensions in the Middle East linked to attacks involving the United States, Israel and Iran.
These increases have driven up production costs across the agricultural sector, affecting both farming and fishing operations.
The loan moratorium reflects the government’s effort to shield the agricultural sector from external shocks while maintaining productivity.
By easing immediate financial burdens and reinforcing access to credit, authorities aim to help farmers and fisherfolk navigate rising costs and sustain operations during a period of heightened economic pressure.
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