L-R: Ian Divinagracia, Smart Sales Nueva Ecija; Ereeka Mesiona, Cropital Chief Investment Officer; Ricardo Pangilinan, beneficiary; Eugenia Amis, beneficiary; Francis de Leon, beneficiary; Eugenia Pajarillaga, General Tinio Municipal Agriculture Officer; Kristine Joyce Magadia, Smart Manager for Livelihood and Nutrition Programs; Sciryl Cabinian-Albay, Operations of PD Smartzone Philippines.
PLDT and wireless unit Smart Communications, Inc. (Smart), together with social enterprise and e-commerce platform Cropital, recently turned over ₱100,000 in low-interest loans to 20 farmers in General Tinio, Nueva Ecija to cover a portion of their capital needs.
“Under our Buy Local program, PLDT and Smart, together with our partners, provide financing support to smallholder farmers who have difficulty accessing funding from banks and other financial institutions,” said Stephanie Orlino, Assistant Vice President and Head of Stakeholder Management at Smart.
Eugenia Amis, one of the beneficiaries, often turns to '5-6' lending schemes for capital needs.
Smallholder farmer Eugenia Amis, a 44-year-old mother of five, often turns to ‘5-6’ lenders to fund the cropping season.
“Our expenses were higher last time because farm inputs were more expensive. After harvest, we took home just a few cavans of rice for our consumption. The rest of the sale went to debt payment,” explained Amis.
Under the ‘5-6’ lending scheme, interest rates could reach as much as 20 percent. That’s why 32-year-old Francis de Leon is thankful that he was chosen as a beneficiary of the sustainability fund.
“This help really goes a long way. Farming is capital intensive with very little returns,” he shared.
General Tinio Municipal Agriculture Officer Eugenia Pajarillaga says farmers also had to contend with the low price of palay harvested from the last planting cycle.
“Their revenues were not even enough to pay off their debt. These challenges have demoralized many of our farmers,” Pajarillaga said.
Having experienced these hardships, Amis and de Leon would like their children to pursue other professions.
“We’ll do everything to make sure they finish school so they can have stable jobs. I don’t want them to spend their lives tilling the soil,” said Amis.
“They deserve a better life. They should not experience what I have experienced,” added de Leon.
Francis de Leon says farming is capital intensive with very little returns.
The ‘Buy Local’ initiative promotes corporate RICEponsibility among the private sector to help increase the income of smallholder farmers. Through the program, PLDT and Smart employees, as well as employees of other Pangilinan-led companies, can buy directly from the farmers providing them with a sure market for their crops.
The program is aligned with PLDT and Smart’s commitment to the United Nations Sustainable Development Goals (SDGs), particularly No Poverty (SDG 1), and Decent Work and Economic Growth (SDG 8).
