To stabilize basic goods prices, the Department of Trade and Industry (DTI) has introduced a program that directly links onion farmers, and possibly rice farmers, to institutional buyers and provides loan assistance to farmers. | ManilaBulletin
Dubbed “Farmer Retail Market” program, DTI Undersecretary Ruth B. Castelo said the program will enable a steady supply of local onions, especially during the lean months.
Already, various retailers and Hotel and Restaurants Association of the Philippines have expressed their willingness to participate in the program. The DLA utilizes a diminishing loan method, or a method of calculating the interest due on a loan, where the interest is calculated on the decreasing outstanding principal balance.
“The agricultural sector is a crucial component of our national economy, and the efficient distribution of agricultural products is critical to ensure food security and economic growth,” said Castelo. “The DTI assures the public that the government is taking actions to protect their interests and ensure that basic and prime goods remain reasonably priced in the market," DTI Consumer Protection Group Undersecretary, Atty. Ruth B. Castelo underscored.
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