Law Summary
Challenges Faced by Poultry and Hog Raisers
- Many poultry and hog raisers are struggling to repay existing loans due to adverse conditions in their industries.
- Financial distress is prevalent, preventing these raisers from recovering losses.
- Lack of access to credit further hampers their ability to stabilize and grow their businesses.
Difficulties Encountered by Small Feedmills
- Small feedmills face challenges in financing their raw material requirements, affecting their operational capacity.
Directive for Refinancing and Restructuring Loans
- The Central Bank of the Philippines, Philippine National Bank, and Development Bank of the Philippines are mandated to provide refinancing and restructuring of existing loans for distressed poultry and hog raisers.
- This directive requires action within fifteen (15) days from the signing of the Letter of Instructions.
Role of the Presidential Committee on Agricultural Credit (PCAC)
- The PCAC is tasked to revise the financing program for small and medium industries, including feedmills.
- Emphasis should be on supervised credit systems, especially for individual cooperatives.
- The committee is entrusted to use appropriate funds from NEDA-IGLF and other available sources.
Immediate Effectiveness of the Order
- The Letter of Instructions takes effect immediately upon issuance, underscoring urgency in addressing the financial difficulties of affected sectors.