Philippines Commits US$2Mln for Microfinance in El Nino-stricken Areas
Calonzo, A.

The Agriculture Department of Philippines has ordered the release of P100 million (US$2 million) for the microfinance program of farmers and fisher folk in areas affected by the El Niño weather phenomenon. The department's Agricultural Credit Policy Council (ACPC) said in a statement that it passed two resolutions towards this effect. The resolutions also approved guidelines for the implementation of the Agriculture Department's agri-microfinance program areas hard hit by El Niño.

The objective of this new agri-microfinance window is to help mitigate the adverse impact of climate change, global warming, and El Niño on the agricultural sector, especially on the lives of small farmers and fisher folk in times of natural and man-made calamities.

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