BSP: Passage of Agri-Agra Bill to enhance rural credit access

The Bangko Sentral ng Pilipinas (BSP) commends the Philippine Congress for passing amendments to Republic Act No. 10000 or the Agri-Agra Reform Credit Act of 2009, which will expand access to finance for farmers, fisherfolk, and micro, small, and medium enterprise (MSME) in the agriculture, agribusiness, and related sectors.

“The Agri-Agra bill will strengthen rural development through a holistic approach in addressing the financing needs of the agricultural financing ecosystem,” BSP Governor Benjamin E. Diokno said.

A priority legislative measure of the BSP, the proposed amendments to the Agri-Agra bill seek to improve the creditworthiness of agricultural workers and their enterprises by enhancing their capabilities, modernizing their business operations, and integrating them into profitable domestic and export-oriented value chains.

The House of Representatives approved its version (House Bill No. 6134) on third and final reading on 10 March 2020, while the Senate approved its version (Senate Bill No. 2494) on 2 February 2022. Next in the legislative process are bicameral proceedings.