Extending ACEF Implementation Period to 2022

Increase productivity of farmers and fisherfolk through credit for production, postharvest, processing equipment, and farm improvements.
Support research and development on agricultural and fishery products in state universities and colleges.
Fund grant-in-aid programs for education in agriculture, forestry, fisheries, and veterinary medicine.
Priority given to those adversely affected by import restriction removal.
Fund use aligned with Agriculture and Fisheries Modernization Act and national development plans.
Funding complements existing Department of Agriculture assistance programs.
Fund projects must enhance competitiveness, promote market viability, encourage linkages, prove sustainable, and benefit majority beneficiaries.

80% allocated as credit loans with reasonable interest for machinery and equipment to farmer/fisherfolk groups and micro/small enterprises.
Loan limits: P5,000,000 per project for associations; P1,000,000 for individual farmers or fishermen.
Borrowers must provide at least 10% counterpart in cash or in-kind contributions.
Land Bank of the Philippines manages credit, sets eligibility, collateral, interest rates, and may charge management fees.
10% allocated as grants for research, development, commercialization of agricultural products, including facility upgrades.
10% allocated for grant-in-aid education programs administered by the Commission on Higher Education.

ACEF Executive Committee created, chaired by the Secretary of Agriculture, with members including Land Bank President, Commission on Higher Education Chairperson, and representatives of farmer and fisherfolk cooperatives.
Committee formulates policies for fund planning, administration, coordination, and monitoring.
Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM) performs periodic reviews.

Within 120 days, reports on duties collected (Bureau of Customs), funds credited (Bureau of Treasury), and funds released (Department of Budget and Management) for 2009-2015 to be submitted.
Within 100 days, ACEF Executive Committee to inventory loan portfolio; Commission on Audit to conduct full audits covering 2000-2011 grants and loans.
Audit results to be transmitted to the Office of the Solicitor General (OSG) for legal collection actions on outstanding loans and grants.
OSG authorized to charge fees for collection services from recovered amounts.
Collected funds remitted back to ACEF for lawful use; OSG to submit semiannual collection reports.

Separability Clause: Invalidity of any provision does not affect remaining parts of the Act.
Repealing Clause: Laws inconsistent with this Act are repealed or modified.
The Act takes effect 15 days after publication in the Official Gazette or general circulation newspaper.