A year before inflation worsened, agricultural loans hobbled in 2021

by Ramon Royandoyan Philstar.com

MANILA — Lending to the Philippines’ oft-neglected agriculture sector remains tepid, considering the perennial struggles on food security that was exacerbated by the pandemic.

Results of the Bangko Sentral ng Pilipinas’ 2021 Countryside Bank Survey Baseline Report showed that the share of agricultural loans granted by banks amounted to 11-15% of their total loan portfolio. This was lower compared to 2020 levels, considering the uncertainties that roiled the sector at the height of the pandemic.

contract that explicitly states the number of work hours, job position and description, period of employment, details of compensation and other conditions that will affect the person’s work.

The bill also states that the employer would be required to adhere to all laws related to workers’ occupational safety and health standards.

Workers are also entitled to overtime pay if they render their services beyond eight hours, and they can only extend up to a maximum of 12 hours. The measure also prohibits workers from rendering more than 60 hours a week.

The measure also requires employers to provide all workers with governmentmandated benefits and consider their travel time to-and-from work as part of their working hours.

Rep. Alfred Delos Santos (Ang Probinsyano party-list), co-author of the bill, said the measure would help strengthen the entertainment industry in the long run by providing its workers with fair working conditions and compensation.