P 50-M allotted for Albay Farm Rehabilitation under PLEA

The Department of Agriculture (DA) has allotted funds to be used for the rehabilitation of farms affected by Mayon Volcano eruption. Due to the ongoing activity of this volcano, damaged has reached a total land area of more than 8 thousand hectares, affecting 10 municipalities in Albay. The amount of P50-M has been allotted under the Production Loan Easy Access (PLEA) Program of the Department which will be extended as a credit assistance to Albay farmers of up to P 25,000 each, payable in three (3) years without interest and collateral. Said amount is on top of the previously distributed agri-fishery interventions totaling to P 20.37-M which was given by Agriculture Secretary Manny Pingol when he visited the province last Jan. 29, 2018.