Corn farmers are getting introduced to small financing scheme using the credit card.
This came about with the collaboration of Monsanto Philippines and Metrobank with the launch of Dekalb Mlite, touted as the first credit card facility for corn farmers in the country.
The financing facility geared for agricultural transactions in the country is viewed as the solution to address the lack of capital sources with reasonable interest rates for farmers.
Currently, farmers rely on informal financing by local lenders which bear higher interest with no collateral for short term loan.
Among the first card holders who got approval from Metrobank were from the Panay provinces in the Visayas.
As the scheme is a national program, it will also be launched in other parts of the country in the coming few weeks.
Monsanto is a company which has extensive operations in many countries and the leader in research, promotion and production of genetic technology on crops (GMO, genetically modified organism).
Countries in Europe and the Russian Federation has banned GMO products and cultivation in their territories.
Wait! View the related videos below as farmers immersed into the financing schemes faced a different problem afterwards.
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