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Market Reports


January 20, 2020

 

Philippines launches 3 programmes aiming to entice millennials to go into farming

 


With present-day farmers aging and their sons spurning farming as their means of livelihood, the Philippines has launched three programmes that seek to entice millennials to venture into the agricultural business. Millennials generally refer to persons born between the early 1980s and late 1990s to early 2000s.

 

One of the programmes has been funded with 500 million pesos (US$982,684), which will be used to give PHP500,000 ($983) start-up grants to young individuals with "good [agribusiness] ideas", reported the Manila Bulletin.

 

Recipients of the grants will be mentored by both state and private universities, as well as established agribusiness practitioners.

 

Another is the Youth Agrineurship Loan programme, which lends individuals aged 18 to 30 PHP500,000 to establish a business. The loan comes with zero interest and is payable in five years. The concept is "do business now, pay later", Agriculture Secretary William Dar explained.

 

In the third programme, called Micro and Small Entrepreneurship Loan Programme, millennials already involved in micro and small entrepreneurship farming are given the chance to scale up their business with a PHP15-million zero-interest loan from the Department of Agriculture. 

 

Dar said PHP2.5 billion ($49.1 million) has been allotted for the three programmes, which he said will be implemented this year.

 

He added that even those with no experience or educational attainment can enroll in these programmes.

 

Only a business plan, "passion and interest" are required of those who wish to avail themselves of the grants and loans, Dar said.

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