Young agripreneurs get loans from DA’s “KAYA” via cash card
Young Filipinos whose proposed agribusiness projects were approved under the Department of Agriculture’s Kapital Access for Young Agripreneurs (KAYA) financing program can now get their loans swiftly through “KAYA” cash card.
The initiative was formally launched on July 6, 2020, by Agriculture Secretary William Dar, on behalf of the DA’s Agricultural Credit Policy Council (ACPC), and Orlando Vea, founder and CEO of PayMaya Philippines, Inc.
“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects,” said Secretary Dar.
“They need not come over to Metro Manila, but simply get their approved KAYA loan from ATM terminals using their KAYA cash card,” the DA chief added.
Under the KAYA loan program, the DA-ACPC offers zero-interest, uncollateralized loans of up to P500,000, payable in five years.
Project proponents should be 18 to 30 years old, and graduates of formal or non-formal schooling.
“KAYA is the first digitized DA-ACPC financing program. Its training and mentoring component is done through web conferencing and its disbursements and collections will now be done through PayMaya,” said DA-ACPC Executive Director Jocelyn Badiola.
“As our lockdown experience has shown, we need to further explore the cyberspace and take our digitalization efforts to the next level as part of the new normal,” said Secretary Dar.
PayMaya will allow ACPC’s KAYA partner lending conduits (PLCs) to digitally disburse loans through reloadable cash cards with real-time crediting using a web-based portal.
Through the KAYA cash card, loan beneficiaries will also have access to other PayMaya financial services such as e-wallet account, remittance, bills payment, and fund withdrawal.
“Now, more than ever, as we continue fulfilling our mandate of providing easy, timely, and affordable credit to farmers and fisherfolk, we are recognizing that digital financing is the way forward,” Badiola said.
Also present during the KAYA card launch, via teleconferencing, were: PayMaya Philippines president Shailesh Baidwan; Development Bank of the Philippines president and CEO Emmanuel Herbosa; and officers of DA-ACPC partner lending conduits, namely: Myrna Sescon, Mindanao Consolidated Cooperative Bank; Atty. Albert Concha Jr., Rural Bank of Rizal; Marivic Leparto, Rural Bank of Manolo Fortich; and Liza Ison, New San Leonardo Rural Bank.
Five initial KAYA proponents also joined the teleconference. They will engage in the production of ducks, mushrooms, high-value vegetables through hydroponics, and chili in garlic oil. Their projects were evaluated and approved by the DA-ACPC partner lending conduit, New Rural Bank of San Leonardo, in Nueva Ecija. ### (Gumamela Celes Bejarin, DA-AFID)