Nacionalista Party vice presidential bet Loren Legarda Monday urged banks and financial institutions to expedite implementation of the revised Agri-Agra Law to boost credit support for farmers.

Because the damage wrought by El Niño to the country's farm crops having increased to P8 billion ($174.6 million), Legarda emphasized the urgency of implementing Agri-Agra programs to farmers in the provinces.

The revised law mandates banks and financial institutions to extend 25 percent of loanable funds to the agricultural, fisheries and agrarian reform sectors.

Legarda, chairperson of the Senate Agriculture Committee, removed various loopholes and alternative compliances, such as investments in eligible government securities, which in most cases have no connection to agri-agra credits and does not benefit farmers at all.

“Our farmers are our silent heroes. They feed the country, and yet they are the ones who go hungry. They deserve more support from the government and the private sector, especially at a time when the country faces drought and food scarcity,” said Legarda.

She said provinces considered highly vulnerable to El Niño are Ilocos Sur, Ilocos Norte, La Union, Pangasinan, Cagayan, Isabela, Aurora, Bataan, Bulacan, Nueva Ecija, Tarlac, Pampanga, Zambales, Cavite, Rizal, Occidental Mindoro, Palawan, Capiz, Iloilo, Negros Occidental, Misamis Oriental,  Zamboanga City, Sarangani and South Cotabato.

Provinces considered moderately affected by the drought include Abra, Apayao, Benguet, Ifugao, Mountain Province, Nueva Vizcaya, Quirino, Batangas, Laguna, Quezon, Romblon, Sorsogon, Aklan, Antique, Bohol, Samar, Zamboanga del Norte, Zamboanga Sibugay, Zamboanga del Sur, Bukidnon,  Davao Oriental, Davao del Sur and Davao City.

“The 1998 El Niño taught us the need to help our farmers deal with the adverse impact of El Niño in the country’s food production. This time around, we need to give real, concrete assistance to our farmers," she said.