PHILGUARANTEE and CARD partner to support agriculture sector
State-owned Philippine Guarantee Corporation (PHILGUARANTEE) and the Center for Agriculture and Rural Development (CARD) Inc. forged a guarantee agreement to support financing opportunities that will benefit CARD’s strong membership base, while promoting sustainable agriculture practices and driving economic growth in rural areas.
“Today’s agreement demonstrates the commitment of both organizations to support and uplift these crucial sectors and the hardworking individuals and communities they represent,” PHILGUARANTEE President and CEO Alberto Pascual said in his remarks during signing ceremonies held last July 31, 2023 in Makati City. PCEO Pascual was joined by CARD Founder and Chairman Emeritus Dr. Jaime Aristotle Alip, Chairperson Lorenza Bañez, Executive Director Vicente Briones Jr., and other officers of the organization.
PHILGUARANTEE SVP Emmanuel Torres and VP Teresito Cayo Butardo represented the Agriculture Guarantee Group (AGG) during the signing of the partnership accord
Dr. Alip expressed optimism that CARD will be able to further their agricultural lending pursuits in the countryside.
“We are very happy to have this signing ceremony. I think PHILGUARANTEE is in the best position to help us achieve our objectives, and we are committed to supporting the program, especially benefitting the agriculture sector,” he said.
As a pilot, this partnership will be implemented in Nueva Ecija operations of CARD, Inc. Nationwide, CARD, Inc. operations projected around P3.5 Billion worth of agri-loans for 180,000 small farmers and fisherfolk.
For his part, SVP Torres lauded the partnership, noting that the guarantee to be provided represents the unwavering commitment of both institutions to uplift the agriculture sector, through the support that will be extended for those “unsung heroes of the nation”.
“Through the PHILGUARANTEE AGFP guarantee, we create a safety net that enables our partner financial institutions like CARD to continue investing in our smallholders,” SVP Torres explained.
The Group Head for AGG also extended his gratitude to all the men and women involved in making possible the partnership with CARD, and encouraged everyone to take the next steps toward a thriving nation with productive agri-based workers.
As the administrator of AGFP, PHILGUARANTEE encourages lending institutions to extend unsecured agricultural production loans to small farmers and fisherfolks (SFFs) or their organizations. Eligible lending institutions include banks, cooperatives, farmers or people’s organizations other than cooperatives, non-government organizations, and corporations lending to SFFs.
From: Strategy Management and Communications Department
