The Fisheries Financing Program (FFP), an undertaking of the Department of Agriculture-Agricultural Credit Policy Council (DA-ACPC), Land Bank of the Philippines (LBP) and Bureau of Fisheries and Aquatic Resources (BFAR), recently approved P3.5 million in back-up funds to cover LBP cash releases to three fishery projects involving 222 fisherfolk.

The projects included a seaweeds processing venture in Balatasan, Oriental Mindoro with an approved loan of P500,000 from LBP that would benefit 30 seaweed producers, a tilapia production project in Laurel, Batangas that LBP granted a P500,000 loan for 30 fisherfolk beneficiaries and seaweeds farming expansion in Sibunag, Giuimaras with a P2.5 million loan for 162 seaweed farmers.

Created by ACPC Resolution No. 31-02 series of 2007, FFP is a lending program under the Agro Industry Modernization Credit and Financing Program (AMCFP), an umbrella financing program for agriculture and fisheries.

The scheme starts with the ACPC placing some P33 million program fund in LBP as deposit hold-out (DHO) fund to cover LBP exposure to new conduits that have not been accredited by the bank.

The organizations either retail the funds as microfinance loans to small fishing households or as loans to finance any of the activities in the value chain of small players in the fisheries industry.