Agro-Industry Modernization Credit and Financing Program Review

7/28/2019 Agro-Industry Modernization Credit and Financing Program Review

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AGRO-INDUSTRY MODERNIZATION CREDIT AND FINANCING PROGRAM

The Agro-Industry Modernization Credit and Financing Program (AMCFP) is based from

the Agriculture and Fisheries Modernization Act (AFMA) of 1997 (www.acpc.gov.ph). AMCFP

was developed by the Agricultural Credit Policy Council (ACPC) to more efficiently service the

financing needs of farmers and fisher folks by passing the responsibility of extending credit tothe rural sector from the non-financial agencies of the government to the financial institutions

which possess the relevant experience, expertise and resources and therefore should be more

efficient than the former.

The AMCFP differs from the past government credit programs in certain aspects. Firstly,

the program is not limited to a single commodity. It covers a wide range of rural activities.

Secondly, as already stated in the preceding paragraph, the government is not directly involved

in the credit extension process. The government merely acts as the provider of the funds to be

lent. It is the job of the accredited private banks to distribute these funds to the farmers and fisher

folks. Lastly, because it is already the private banks that distribute funds; the interest ratesimposed on the borrowers are now market-determined unlike in the past when the government

subsidized the interest rates (www.acpc.gov.ph).

Program Administration

The ACPC monitors and evaluates the performance of the AMCFP to come up with

policy recommendations. It oversees all directed credit programs (DCPs) in agriculture. The

ACPC ensures that loans released under these DCPs are collected and the funds are transferred to

the AMCFP. This is to ascertain increased credit access of its intended beneficiaries as well as

ensure the program's sustainability (www.acpc.gov.ph).

In support of the AMCFP, the ACPC implements two other programs that are equally

crucial to the success of the local credit system. One is the development and pilot testing of

"innovative financing schemes" (or IFS) that address the inability of farmers and fisherfolk to

meet the collateral and other requirements imposed by banks. The second is "institution capacity

building" (or ICB), through which the ACPC provides grassroots and rural finance institutions

funding assistance for institutional strengthening in order that they may become effective and

efficient lending and collection entities in the countryside(www.acpc.gov.ph).
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Program Beneficiaries

The eligible end-borrowers/beneficiaries of the AMCFP are the (1) small farmers and

fisherfolk; (2) rural women engaged in production, processing and/or trading of agriculture and

fisheries products; and (3) Agri/fishery based small and medium enterprises (SMEs). According

to Section 23 of AFMA the funds being lent to the beneficiaries should be used in the followingpurposes:

1. Agriculture and fisheries production including processing of fisheries and agri-basedproducts and farm inputs;

2. Acquisition of work animals, farm and fishery equipment and machinery;3. Acquisition of seeds, fertilizer, poultry, livestock, feeds and other similar items;


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4. Procurement of agriculture and fisheries products for storage, trading, processing anddistribution;

5. Acquisition of water pumps and installation of tube wells for irrigation;6. Construction, acquisition and repair of facilities for production, processing, storage,

transportation, communication, marketing and such other facilities in support of

agriculture and fisheries;

7. Working capital for agriculture and fisheries graduates to enable them to engage inagriculture and fisheries-related economic activities;

8. Agribusiness activities which support soil and water conservation and ecology-enhancingactivities;

9. Privately-funded and LGU-funded irrigation systems that are designed to protect thewatershed;

10.Working capital for long-gestating projects; and11.Credit guarantees on uncollateralized loans to farmers and fisherfolk.

Aside from the projects listed above, the AMCFP can also finance the following:

1. Projects that adopt or showcase new / modern technology that enhances yield and/orquality of produce;

2. Acquisition of modern machinery / equipment and/or adoption of new methodologies thatimprove productivity and quality of processed or traded agriculture and fishery products;

3. Acquisition of modern machinery / equipment and/or adoption of new methodologies thatimprove productivity and quality of processed or traded agriculture and fishery products;

4. Projects that adopt diversification, including non-farm or off-farm economic activities,particularly in the case of marginalized or subsistence farmers and fisherfolk.

The interest rate to be paid by the beneficiaries depends on the policy of the private financial

institutions. However, to promote efficiency and discourage "excessive" charging, the Technical

Review Team shall recommend an interest rate spread for participating PFIs for which shall be

reviewed periodically based on the actual spread interest rates charged by the PFIs.

Eligible Fund Wholesalers and Retailers (www.acpc.gov.ph)

Government financial institutions serve as the eligible fund wholesalers. Private financialinstitutions which may qualify as fund retailers are:

1. Private banks such as cooperative banks, rural banks, thrift banks;2. Cooperatives duly registered with the Cooperative Development Authority;3. Non-Government Organizations (NGOs) and People's Organizations (POs) with juridical

personalities.
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The Fund Wholesalers shall charge interest rates to the Fund Retailers, regardless of financingmode adopted, as follows:

1. For short term loans: 91-day Treasury Bill Weighted Average Interest Rate (WAIR) plusspread;

2. For term loans: WAIR on government bonds / securities of equivalent maturity plusspread for fixed rate or if a variable rate is adopted, the loan will be repriced quarterly

equivalent to the 91-day Treasury Bill WAIR plus spread.

The spread shall be set by the Fund Wholesalers taking into account the associated riskwhich shall range from one percent (1%) per annum for secured notes/loans and two percent

(2%) for unsecured notes / loans.

Loans Granted

According to the annual report of the ACPC in 2009, the AMCFP had generated about

P1.54 billion in loans which were availed by 33,000 farmers and fisherfolk (Table 1). Theseloans were provided by the various lending institutions under AMFCP which are the Cooperative

Banks Agri-Lending Program (CBAP), Agricultural Microfinance Program (AMP) with thePeoples Credit and Finance Corporation (PCFC), Agri-Fishery Microfinance Program (AFMP)

with LandBank, Fisheries Financing Program (FFP), AMCFP Tobacco/Rice Lending Program incoordination with the National Tobacco Administration (NTA), AMCFP Tomato Lending

Program in coordination with the Northern Food Corporation (NFC), and Agricultural GuaranteeFund Pool (AGFP). Cumulative loans granted through these lending facilities at the end of 2009

amounted to almost P2.14 billion, which benefits 50, 753 farmers and fisherfolks.

The ACPC also reported that AMCFP has successfully encouraged private banks as well

as government banks to allocate more of their funds for lending to agriculture and fisheries

sector.


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Accomplishments under AMCFP Lending Facilities

1. Cooperative Banks Agricultural Lending Program (CBAP)The Cooperative Banks Agricultural Lending Program (CBAP) was launched during the

National Food Summit held on April 04, 2008. The main objective of the program is toencourage cooperative banks to lend money to small farmers and fisherfolk households so thatthe government credit funds will increase. For the year 2009, the amount of loans that CBAP

released had reached P1.41 billion which benefits 22, 291 small farmer and fisherfolks borrowers(Table 2). Since the program started in 2008, its initial funds amounting to P400 million has been

leveraged by almost five times already. It is able to generate P1.83 billion to 29, 885 smallfarmers and fisherfolk.

The funds of the program are track via the wholesaler cooperative banks which involves

risk coverage or sharing mechanism between the wholesaler and CBAP. If unsecured, loans thatwill be granted to small farmers should not exceed P30,000 per hectare, with a maximum ceiling

of 7 hectares per borrower or a total maximum loan of P210,000 per borrower. The interest ratethat the wholesalers may charge should not exceed to 7 percent per annum, payable quarterly.


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Overall, the program exhibited high repayment rates from the end-beneficiary level up

to the program fund level. Loan repayment rate stood at 92.5% from end-beneficiaries toretailers; 100% from wholesalers to retailers; and 100% from wholesalers to the CBAP Fund

(Table 3).

During the early part of year 2009, a conference was held for planning a strategy to meet

a P1.5 billion target amount of loan. CBAP almost reach this target since at the end of 2009, theamount of loan being provided is P1.41 billion.

2. Agri-Microfinance Program (AMP) with the Peoples Credit and Finance Corporation(PCFC)

In April 2009, the ACPC forged an agreement with the PCFC for the implementation of amicrofinance program for agriculture with an initial credit fund of P100 million. At the end of

the year, P102.3 million loans released to MFIs for re-lending and P61 million of the P102million was released to 5,873 farmer/fisherfolk borrowers (Table 5).


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Forty-three percent (43%) of participating MFIs have fully released program funds toend-borrowers while 57% will be re-lending the remaining funds upon processing and evaluation

of their endborrowers eligibility under the program.

3. Agri-Fishery Microfinance Program (AFMP)The Agri-Fishery Microfinance Program (AFMP) is a microfinance lending facility for

small farmers and fisherfolk with the following features: non-requirement of collateral; cash

flow-based repayment scheme; and risk and income diversification via financing of farm, off-farm, and non-farm projects.

In 2009, four (4) farmer cooperatives in Laguna, Quezon and Camarines Sur availed

themselves of trust fund coverage amounting to P16.3 million which generated P7.5 million inloans from 303 farmer members. As of end-2009, total loans generated by the AFMP amounted

to P18.3 million, benefiting 2,246 farmer borrowers.

4. Fisheries Financing Program (FFP)The Fisheries Financing Program (FFP) is a joint undertaking of DA-ACPC, LandBank,

and the Bureau of Fisheries and Aquatic Resources (BFAR). It is patterned after the AFMP but

designed to provide loans to fisheries subsector that are also in need of credit support.

So far, the FFP had already generated P3.5 million amounts of loans for 222 fisherfolksin Oriental Mindoro, Batangas and Guimaras for financing seaweeds production and processing,

and tilapia growing.

5. Tobacco/Rice Contract Growing System with NTA\Under the tobacco/rice growing contract system, the AMCFP provides loans to tobacco

farmers while the National Tobacco Association (NTA) provides training and technical

assistance, as needed. Monitoring is conducted by both the ACPC and NTA regularly.

For 2009, the AMCFP had released more than P25 million in loans to 1,926 tobaccofarmers to finance production requirements for tobacco and rice. Since the start of its

implementation in 2007, the program has been able to release more than P96 million in loans to8,057 farmers. The program has also been successful in instilling credit discipline among its

borrowers, posting a 100% loan repayment rate.

6. Tomato Production and Paste Processing System with NFCThe system is similar to the tobacco contract growing system wherein the AMCFP

provides the credit needs of tomato farmers while the Northern Foods Corporation (NFC) and

ACPC provide training and technical assistance, and conduct regular monitoring. Since the start


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of its implementation in 2007, the program has been able to release more than P125 million inloans to 4,470 farmers. The program also exhibits a 100% loan repayment rate.

7. Agricultural Guarantee Fund Pool (AGFP)The AGFP provides guarantee coverage to unsecured loans extended by financialinstitutions to small farmers engaged in rice and/or food production projects/activities. The

program covers all types of risks of default including nonpayment due to weather, pest and

diseases, and other fortuitous events, except those arising from willful default and/or fraud. Tobe able to avail of guarantee, the participating lender shall pay a guarantee fee of 2% per annum

of the outstanding loan amount.

Table 6 shows the amount of loan being covered by AGFP and the number of farmerswho borrowed guarantee loans.

Overall, total AMCFP collection for 2009 reached P256 million. This amount represents

collection from consolidated DCPs of P52 million and from AMCFP on-going projects of P204million. To date, the ACPC has collected some P1.28 billion past due loans from DCPs that

would have been written-off as bad debts if not for ACPCs tremendous effort in recoveringthese funds. This amount represents 21% of about P 6 billion loan receivables from consolidated

DCPs, leaving some P4.8 billion loans that ACPC will again strive to collect in succeeding yearsto sustain funding of AMCFP projects/facilities (Table 6).


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Target Subsectors and Desired Results

The Agricultural Credit Policy Council (ACPC) adopted the recommendation of

Agriculture and Fisheries (AF) 25 to formulate a strategic plan on agriculture and fisheriescredit. AF 25 proposed the conduct of a multi-stakeholder conference that is focusing on credit.

The goal for the agriculture and fisheries credit sector is to increase access of small farmers andfishers to credit particularly formal credit.

The target of the AF 25 is to increase the proportion of borrowing farmers and fishermenfrom formal sources from 57% to 85% by the end of the planning period or an increase of 28%

in the incidence of formal borrowing among small farming and fishing household borrowers. Interms of the number of small farmers and fishers, the goal is to increase credit outreach by more

than 800,000 farmers and fishing households.Source: ACPC Agriculture and Fisheries Credit Summit Proceedings


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COMPREHENSIVE AGRICULTURAL LOAN FUND

The EO 113, entitled Establishing the Comprehensive Agricultural Loan Fund (CALF),

creating the Agricultural Credit Policy Council and for other purposes, put a stop to

governments commodity-specific lending programs and directed the use of those program funds

for the Comprehensive Agricultural Loan Fund (CALF). The CALF was used as a loanguarantee fund to encourage private banks to lend to agriculture by offering to cover as much as

85 percent of their credit risks in providing loans to small agricultural borrowers and enterprises.

According to Section 4 of EO 113, the Ministry of Agriculture and Food (now the

Department of Agriculture) should lend the money to the private banks, and not directly to the

end-users. Exceptions to this rule are the Guarantee Fund for Small and Medium Enterprises

(GFSME) and the Quedan Guarantee Fund Board (QGFB). Any Comprehensive Agricultural

Loan Fund (CALF) earning may be utilized by the Department of Agriculture for Agriculture

projects and agriculture-related activities.

In the pursuant of the Department of Agrarian Reform Administrative Order No. 10-01

last June 18, 2001, the cash resources and receivables under CALF and other credit programs

administered by the ACPC were transferred to Quedan and Rural Credit Guarantee Corportaion

(QUEDANCOR).

The following are the conditions under DAR A. O. No. 10-01:

1. ACPC shall effect the transfer of outstanding receivables of on-going and

terminated lending programs under the CALF and other lending programs sourced from

the General Appropriations Act (GAA) as listed in the attached "Annex A", as well as the

outstanding receivables under the guarantee schemes funded out of the CALF as listed inthe attached "Annex B", to QUEDANCOR starting upon approval of this order and to becompleted not later than ninety days thereof. ACPC shall turnover to QUEDANCOR the

schedule of receivables, all records and documents pertaining to such receivables.

2. The responsibility and authority to collect these receivables including but notlimited to, the authority to initiate legal action, file cases in court and to negotiate, enter

into and sign restructuring, compromise, settlement, amnesty and condonation agreementsare deemed endowed to QUEDANCOR for and in behalf of the DA and/or ACPC,

provided however, that such agreements shall conform to the guidelines approved by theSecretary of the DA. QUEDANCOR shall be entitled to administrative fees and other

charges, including attorney's fees in accordance with said guidelines.

3. QUEDANCOR shall open and maintain a separate trust account with a government

bank for the collections, with the following sub-accounts, namely: (a) DA-QUEDANCOR-CALF for collections from lending programs under CALF, (b) AMCFP-GAA for

collections from lending programs sourced from GAA, and (c) AFCGF for collectionsfrom receivables of the CALF funded guarantee schemes. All collections from the

principal, interest and other charges, net of administrative fees and other charges including


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attorney's fees, shall be deposited within a reasonable period by QUEDANCOR to theabove-mentioned accounts. Likewise, QUEDANCOR shall issue Official Receipts to the

account payors. All collections under the DA-QUEDANCOR-CALF shall augment thecredit fund of GMA-CARES. The signatory for withdrawals against the trust accounts,

except the AFCGF, shall be the Secretary of the DA. QUEDANCOR shall maintain

separate books of accounts for the deposited funds and shall render a quarterly report onthe status of the deposited funds to the DA and furnish a copy to ACPC. AIaDcH

4. ACPC shall continue to assume the responsibility of collection of the receivablesdue from the government institutions listed in the attached "Annex C". In case of the

equity investment of the DA-CALF to the QUEDANCOR by virtue of the DA andQUEDANCOR Memorandum of Agreement (MOA) dated September 17, 1993 in the

amount of Php 130,326,502.78, such shall be treated and booked by QUEDANCOR, uponeffectivity of this Order, as part of AFCGF.

5. Out of the cash balances of the CALF, which are led in trust by the DA, the amount

of FOUR HUNDRED MILLION PESOS (Php 400,000,000.00) shall be transferred toQUEDANCOR upon effectivity thereof, for the following purposes: (a) the amount of

THREE HUNDRED MILLION PESOS shall be utilized by QUEDANCOR as the creditfund for the GMA-CARES; (b) the amount of ONE HUNDRED MILLION PESOS

representing the capital of the guarantee fund allocated for Guarantee Fund for Small andMedium Scale Enterprises (GFSME)CALF shall become part of the AFCGF. Provided

however, that upon transfer of the guarantee fund, QUEDANCOR shall from thereonassume administration of the fund and answer for the liability of such fund pursuant to the

agreement between the DA-ACPC and the GFSME. The DA and ACPC shall notifyGFSME that by virtue of this Order QUEDANCOR becomes the successor-in-interest of

the ACPC. QUEDANCOR shall maintain separate bank accounts for the two transferred

funds.

6. Out of the remaining cash balances of the CALF, TWO HUNDRED MILLIONPESOS (Php 200,000,000.00) shall be retained at the Treasury of Bangko Sentral ng

Pilipinas (BSP) as a trust fund for the ACPC, the interest earnings of which shall be usedto fund the following activities: policy and action research projects; institution-building

(IB) projects including joint IB activities with QUEDANCOR; training and other activitiesof the ACPC. Utilization of the interest earnings shall be subject to the approval of the

Annual Work and Financial Plan by the DA Secretary.

7. To ensure smooth turnover of collection and credit fund administrationresponsibility, the contractual personnel of the CALF Management Office of the ACPC

shall be transferred to QUEDANCOR. Upon this transfer, an initial one year budgetcovering the salaries and operating costs of that office shall be drawn from the interest

earnings of the CALF. The proposed budget, to be released to QUEDANCOR, shall bejointly prepared by ACPC and QUEDANCOR for approval by the Secretary of the DA.

For the succeeding years' budget, QUEDANCOR will incorporate such requirements in itsannual corporate budget.


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8. Utilization of the collected amounts, including earnings thereof, pooled in theAMCFP and AFCGF accounts shall be subject to the approved guidelines, rules and

regulations promulgated or issued by appropriate government authorities pertaining tothese funds.

LIST OF OUTSTANDING RECEIVABLES OF LENDING PROGRAMS UNDERCALF AND GAA

As of March 31, 2001

I. Sourced from CALF P497,557,209.04

1. BSP-GPEP with Coopbanks 2,400,000.002. Rehabilitation Projects with Coopbanks 45,000,000.003. DAPCOPO with Cooperatives/Federations 2,156,543.624. CBFAP with Coopbanks 603,235.635. LBP-GPEP/Expanded CBAP with Coopbanks 23,788,395.096. LBP-Gintong Ani II On-Lending with Coopbanks 32,166,665.67

7. LBP-Micro Credit Programs with Coopbanks 6,955,369.038. Terminated and Consolidated under EO 113 384,487,000.00

II. Sourced from GAA P292,599,333.32

1. Gintong Ani II On-lending with Coopbanks 157,991,500.102. Gintong Ani II Marketing Rehab 88,515,346.053. Gintong Ani II Coopbanks Rehab 21,846,153.854. DAPCOPO with Marketing Coops 3,933,333.325. CIAMicro Credit Programs with NGOs/Coops 8,653,000.006. RCBFSRural Bank (Mindanao area) 11,660,000.00

TOTAL P790,156,542.36

ANNEX B

LIST OF OUTSTANDING RECEIVABLES UNDER THE GUARANTEE SCHEMES

FUNDED OUT OF THE CALF


1. PCIC Guarantee Program P167,966,959.08a. Receivables 106,952,511.25

b. Guarantee Claims Paid 61,014,447.83

2. GFSME Guarantee Claims Paid 27,446,541.093. QUEDANCOR Guarantee Claims Paid 50,850,864.494. TLRCBPnB Guarantee Claims Paid 2,142,000.005. Fishery Loan Guarantee Fund

under the Terminated and Consolidated

Programs per E.O. 113 15,348,591.59

TOTAL P263,754,956.25


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ANNEX C

OUTSTANDING RECEIVABLES DUE FROM GOVERNMENT INSTITUTIONS


I. Charged from CALF P374,881,660.12

1. LBP-Fixed Asset Acquisition 10,000,000.00

2. LBP-IRF 333,092,681.753. QUEDANCORCCAP 16,688,978.37

4. QUEDANCORDAPCOPO 15,100,000.00

II. Charged from GAA P1,187,438,055.14

1. LBP-GPEP 37,800,000.00

2. LBP-FSP 330,457,700.003. DBP-FSP 259,555,400.00

4. QUEDANCORGPEP 5,453,511.425. QUEDANCOR-PAF-DAF 67,636,724.00

6. QUEDANCOR-CIA Micro Credit Program 15,434,719.727. QUEDANCOR-FSP 73,600,000.00

8. QUEDANCOR-RCBFS-IFS 123,922,184.249. PCIC-Gintong Ani II RCBFS 76,077,815.76

10. PCIC-FSP 54,350,000.0011. GFSME-RCBFS 100,000,000.00

12. GFSME-FSP 750,000.0013. NDA-EDDN 42,400,000.00

TOTAL P1,562,319,715.26

There are many studies, policy notes, discussion papers and the like being made to assess

or evaluate the performance of the different credit programs in the Philippines. One of those

programs is the Comprehensive Agricultural Loan Fund.

Evaluation of the Comprehensive Agricultural Loan Fund (CALF) Credit Guarantee

Programs in the Philippines, 1986-2000 (Zamora, 2000)

Problems encountered during the implementation of CALF Credit Guarantee Programs1. In the Philippine Crop Insurance Corporation (PCIC), guarantee programs

represents only 20% of their total operation in the corporation, since their main

program focuses on the crop insurance given to farmers, particularly rice and corn

farmers.


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2. Despite having an increasing number of financial institutions participating in theGuarantee Fund for Small and Medium Enterprises (GFSME), there are still only

few areas that are receiving the services being provided by the program. Hence, it

is only concentrated to some areas of the country.

3. Information dissemination remained to be poor for both the PCIC and GFSMECALF. According to the result of the study of Zamora (2000), PCIC registered

41.84% in terms of the level of awareness of the farmers about the program, and

GFSME registered only at 6.67%.

4. During the early years of the Quedancor program, the portion of the loan sizedoes not directly cater to small agricultural activities. This leads to the issue of

whether a guarantee program is still necessary. Also, there were only small

numbers of rural financial institutions participating in the program.

Loan Guarantee Programs for Small Scale Borrowers: Are they Working? (Llanto, G. M.and Orbeta, A. C. Jr., 1999)

Previous Assessment of Loan Guarantee Programs1. In the study of Llanto, Casuga and Magno (1991), the result of the findings are the

following:

- The total number of loans given on the strength of a loan guarantee wassmall.

- Other forms of collateral secured many of the loans covered by the loanguarantee.

- Private bank participation in the loan guarantee programs was low.- Guarantee fees paid covered only a small fraction of the cost of operating

these programs.

- Time-consuming procedures in the programs contributed to a hightransaction cost of borrowing.

2. In the study of Llanto and Magno (1993), concluded that:- There is little difference in the characteristics and transaction costs

between borrowers with loan guarantees and those without.

- Loan guarantees failed to substitute for traditional forms of collateral.Conclusion

The Comprehensive Agrarian Loan Fund has been operating since 1987. Since then, it

has helped small farmers and fisher folks in financial capital problems. Although a variety of

problems have been arising, the ACPC and the government do not fail to address each difficulty.

Problems regarding low involvement of banks and corporations in the lending process have been


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solved as shown in the increase of private and cooperative banks that participate in the different

programs of ACPC. Low rate of return of loans to farmers has also been solved in the past few

years. In fact, the return of loans in the recent years shows almost 100% rates. The problem on

the number of beneficiaries has been addressed through the increase of the types of loans. For

example, from two specific loans of the IMCFP in 2007, there are now seven kinds of loans that

farmers and fishermen can avail. Based on these improvements, it is considerable that the credit

support in our country gives significant benefits to the small farmers and fishermen.

References:

ACPC 2009 Annual Report

Corpuz, et. al. Undated.The Agricultural Credit Policy Council (ACPC) and credit support foragriculture in the Philippines.

Llanto, G. M. and Orbeta, A. C. Jr., 1999. Loan guarantee programs for small scale borrowers:

are they working?. PIDS Policy Notes.

www.acpc.gov.ph

www.elibrary.judiciary.gov.ph

www.dar.gov.ph

Zamora, R. P. 2000. Evaluation of the Comprehensive Agricultural Loan Fund (CALF) credit

guarantee programs in the Philippines, 1986-2000. Unpublished Undergraduate Thesis.

UPLB.
http://www.acpc.gov.ph/http://www.acpc.gov.ph/http://www.elibrary.judiciary.gov.ph/http://www.elibrary.judiciary.gov.ph/http://www.dar.gov.ph/http://www.dar.gov.ph/http://www.dar.gov.ph/http://www.elibrary.judiciary.gov.ph/http://www.acpc.gov.ph/

Documents

Agro-Industry Modernization Credit and Financing Program Review