CEBU CITY – Since 2021, the Development Bank of the Philippines (DBP) has disbursed a total of PHP100 million in loans to coconut farmer cooperatives in Cebu. Rosa Celeste Pieras, the assistant vice president and head of DBP Cebu North Lending Center, highlighted that the enactment of Republic Act 11524, known as the Coconut Farmers and Industry Trust Fund Act, has driven many farmers to seek financial support through their cooperatives. This law, which came into effect in 2021, established the Coconut Farmers Industry Trust Fund and introduced the Coconut Farmers and Industry Development (CFID) Credit Program. Under this initiative, DBP, in collaboration with the Land Bank of the Philippines (LandBank), is responsible for extending loans to coconut farmers. DBP can provide loans up to PHP15 million per individual farmer, whereas LandBank offers loans below PHP15 million per applicant. Pieras noted that PHP100 million has already been distributed to cooperatives with numerous beneficiaries. Additionally, DBP is currently negotiating several projects related to the coconut value chain. The CFID Credit Program, supervised by the Philippine Coconut Authority, is designed to boost the business capabilities of coconut farmers by providing them with accessible funding.
