BSP RENEWS RFI ACCREDITATION
- July 4, 2020
The Bangko Sentral ng Pilipinas (BSP) updated the list of Accredited Rural Financial Institutions (RFIs) in a Circular-Letter issued by BSP Deputy Governor Fonacier dated February 26, 2020. Ten (10) banks are accredited for the purpose of implementing the Agri-Agra Reform Credit Act of 2009 (RA 10000).
BSP’s list of banks approved as RFIs have been listed since 2012 and serves as a guide to inform the public of which banks to approach for agri-agra credit compliance.
RA 10000 aims to provide agriculture, fisheries and agrarian reform credit to credit to improve the productivity of the agriculture and fisheries sectors. The Act consider loans to support activities and projects pertaining to agriculture as stipulated under the Agriculture and Fisheries Modernization Act (AFMA) and the Agrarian Reform Code of the Philippines. Among the accredited rural banks, Rang-ay Bank is the only bank based in Region I and CAR that finances Agri-Businesses such as rice-millers, vegetable haulers, contract growers, warehousers, agri-suppliers and bamboo growers all over the region. The bank provides collateral-free farmers loan to small-scale cultivators, farmers, tenants or lease holders that covers backyard or cottage poultry projects and livestock raisers. Together with the Philippine Crop Insurance Corporation (PCIC), the bank is able to provide additional capital for agricultural projects such as livestock and fishery projects, planting of rice, corn and vegetables and other food crops raisers.
