Published March 10, 2021, 6:00 AM
As part of the efforts to boost the Philippines’ agricultural production, the Philippine government should find a way to be able to tap into financial technology (FinTech) in linking farmers with financial services.
“If done well, FinTech could be key to increasing agricultural productivity because of its huge potential for financial inclusion by making financial services and products accessible even to the marginalized farmers and farming families,” Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) Director Glenn B. Gregorio said.
Rico C. Ancog, University of the Philippines Los Baños (UPLB) Associate Professor and UP Scientist III who leads SEARCA’s Emerging Innovation for Growth program, said the use of modern financial technologies will likewise improve cost efficiency across the food supply chain in the country.
LOS BANOS, Laguna, Feb 24 Finance is a driver of growth in the agriculture sector but improving farmers’ access to financial instruments is also key to their adoption of better farm technologies for greater productivity.
The prospects of financial technology (FinTech) in linking farmers with financial services outside the traditional banking system and improving the value chain are rife. This was explored during a recent online forum on the potential of FinTech in advancing agricultural development in the Philippines jointly organized by the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) and SyCip Gorres Velayo & Co. (SGV).