Php 1.5-M soft loan approved for Paoay farmer groups

Php 1.5-M soft loan approved for Paoay farmer groups

LAOAG CITY -— The local government unit of Paoay town has approved the allocation of more than Php 1.5 million from the tobacco excise tax shares of the municipality as soft loan with a minimal interest, to accredited farmers’ organizations here.

Applicants may soon start availing said services once the total amount of Php 19,542,702 municipal share from the tobacco excise tax is released by the Department of Budget and Management through its Regional Field Office in Region 1.

According to town mayor Jessie Galano, most of the tobacco excise tax share of Paoay town shall be spent for various infrastructure projects such as farm to market roads.

This year, Paoay tobacco farmers can also avail of this soft loan project initiated for the first time to boost their productivity.

Under Republic Act 7171, at least 15 percent of cigarette excise taxes shall be allotted for a special support fund for tobacco farmers, who may use the money for cooperative, livelihood, agro-industrial, and infrastructure projects. Leilanie Adriano/PNA-northboundasia.com