SRA presents ‘streamlined’ Socialized Credit Program
BACOLOD CITY, Negros Occidental — The Sugar Regulatory Administration (SRA) recently launched the revised Implementing Rules and Regulations of the Socialized Credit Program (SCP-IRR) under the Sugarcane Industry Development Act (SIDA) that will streamline process and improve efficiency and accessibility to loans.
The 3-day Sugarcane Industry summit in Bacolod was organized to cascade the new revisions of the SCP-IRR, particularly the Credit Conduits which is a new addition to the program that is expected to cut-short loan processing and past-due rates.
SRA Administrator Pablo Luis Azcona, in his keynote address, thanked key implementers for their efforts. “Agricultural financing is essential because farm spending occurs in bulk and all at the same time. I trust everybody will contribute to the effort. So far we are happily working with Landbank and I am always very thankful,” he said.
Landbank CEO, Ma. Lynette Ortiz, in her message said, “this summit is more than just a policy decision, it is about ensuring that the SCP under SIDA truly delivers for those who need it most. Ortiz’s message was delivered by Eden Japitana, Landbank’s first vice president of the Lending Program Management Group.
SCP Chairman and Board Member Miller’s representative, Ma. Mitzi Mangwag, said, “The SCP holds immense potential to uplift the lives of our small sugarcane farmers. Together, we are committed to making the SCP a true beacon of hope.”
As of January 2025, the SCP program has released 1.2 billion pesos in loans, benefiting 4,031 farmers, six Block Farms, and four Common Service Providers. It is one of the major programs under SIDA with a 15% budget allocation.
Six Mill Districts reported their SCP performance with varying successes, sharing accomplishments and challenges, including SCP loans issued, endorsed, released by Landbank, past-due rates, among others.
Victoria’s Mill District reported releasing 33,780,300 pesos in loans that benefitted 226 farmers and block farms across 626.22 hectares.
La Carlota Mill District reported approving and releasing 22,511,028.75 pesos to 202 applicants.
District presentations highlighted common challenges, including past-due rates, “pole vaulting”, client rapport, and staffing shortages.
The summit resulted in agreements on new practices for Mill Districts while best practices sharing led to district officers creating coordinating meeting schedules and improved loan vetting. The summit also addressed clerical and administrative details of SCP forms, with changes and additions made for implementers and beneficiaries.
