Bais city: The Land Bank of the Philippines (LandBank) introduced its AgriSenso Plus Lending Program to approximately 2,000 farmers and fisherfolk in Bais City, Negros Oriental Thursday. Lynette V. Ortiz, LandBank president, highlighted key aspects of the program that aim to assist those in the agricultural sector who have been affected by recent challenges, including typhoons and high input costs.

According to Philippines News Agency, Ortiz emphasized the program's objective to provide an easy, accessible, and convenient lending option for farmers and fisherfolk. She noted the reduced paperwork involved, with applicants only needing to complete a one-page form as opposed to the previous 12-page requirement.

Applicants must be registered with the Registry System for the Basic Sectors in Agriculture (RSBSA), a database that supports the implementation of agriculture-related programs and services. Ortiz announced that the interest rate for the program has been reduced to 3 percent per annum, down from 4 percent since its inception last November.

The program is designed to protect beneficiaries from high-interest loans offered by informal lenders and includes provisions for insurance and financial education. Jenny Deciar, president of the My Home Association in Barangay Candauay, expressed appreciation for the program, anticipating that it will enhance their livelihood through improved income from farming activities.

Deciar is optimistic that the association can utilize the program to increase earnings from crops, vegetable farming, and livestock. The program's low interest rate is expected to facilitate easier loan repayment for farmers.