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Credit Subsidy in Philippine Agriculture

Author

Listed:
  • Casuga, Magdalena S.
  • Geron, Maria Piedad S.

Abstract

This study attempts to measure subsidies to agricultural credit in recent years and provides policy implications. It finds that credit policy has evolved, from provision of subsidized credit to one that is more market-oriented, focusing on providing access to credit to farmers while exposing them to market interest rates. Nevertheless, there remains a significant public outlay for credit largely through unintended default subsidy. It recommends that publicly supported credit be provided solely through competent government financial institutions under independent regulatory oversight, rather than through agencies (such as the Agricultural Credit Enhancement Fund) or through government-owned and controlled corporations (such as QUEDANCOR). Government may also need to invest in other support services that would attenuate agricultural risk and encourage greater private sector participation in agricultural lending.

Suggested Citation

  • Casuga, Magdalena S. & Geron, Maria Piedad S., 2012. "Credit Subsidy in Philippine Agriculture," Discussion Papers DP 2012-28, Philippine Institute for Development Studies.
  • Handle: RePEc:phd:dpaper:dp_2012-28
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    References listed on IDEAS

    as
    1. Balisacan, Arsenio M. & Mapa, Dennis S. & Briones, Kristine Joy S., 2007. "Robust Determinants of Income Growth in the Philippines," Philippine Journal of Development PJD 2006 Vol. XXXIII Nos., Philippine Institute for Development Studies.
    2. Salas, J.M. Ian S. & Abrigo, Michael Ralph M. & Racelis, Rachel H., 2012. "Philippines 2007 National Transfer Accounts: Consumption, Income, and Intergenerational Reallocation of Resources," Discussion Papers DP 2012-29, Philippine Institute for Development Studies.
    3. repec:phd:pjdevt:pjd_2006_vol._xxxiii_nos._1and2-b is not listed on IDEAS
    4. Wu, Libo & Li, Jing & Zhang, ZhongXiang, 2013. "Inflationary effect of oil-price shocks in an imperfect market: A partial transmission input–output analysis," Journal of Policy Modeling, Elsevier, pages 354-369.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Philippines; credit subsidy; market-oriented policy; default risk; risk reduction;

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