TO PROMOTE greater countryside productivity and urban livelihood opportunities through the delivery of affordable and accessible credit to small farmers, fisherfolk, retailers and small entrepreneurs nationwide, the Quedancor and Rural Credit Guarantee Corp have issued P250 million worth of corporate notes as financing support to its fast growing clientelle.
The amount according to Dr. Nelson C. Buenaflor, Quedancor President and Chief executive officer, is the second of the two tranches programmed to raise a total of P2-billion for its agri-financing operation.
He said the first tranche worth P750 million was issued last December with the Land Bank of the Philippines (LBP) as trustee and with the following noteholders: Philippine Postal Savings Bank, Bank of Makati, Lipa Bank, Merchants Savings and Loans Association, Robinson’s Savings Bank and the First Metro Investment Corp (FMIC).
Buenaflor also said during an agriculture financing forum held at the National Tobacco Administration (NTA) Central Office recently that the P250-million corporate notes complete Quedancor’s second foray into the debt capital market. The issuance of the financing instrument, he said, was made by the FMIC and the United Coconut Planters’ Bank which stood as joint-issuers.
“With our vision to help the marginalized agricultural sector and at the same time uplift the Philippine economy, Quedancor is determined to bring new hope to our Filipino farmers and fisherfolk through self-sustaining business and entrepreneurship,” Buenaflor said.
Meanwhile, Quedancor and the National Tobacco Industry (NTI) have signed a memorandum of agreement creating a P3-million seed fund to help tobacco farmers in the Ilocos region rehabilitate their farms.
Under the agreement, NTI will entrust to Quendancor the amount of P1 million to finance the vegetable production of qualified tobacco farmer beneficiaries in Region I, while Quedancor will provide a counterpart fund of P2 million to co-finance the said program.