The Aquatic Resources Acceleration (AQUA) Lending Program aims to help increase the contribution of the fishery sector in achieving food self- sufficiency, provide credit assistance to existing and / or prospective fishing operators in acquiring fishing vessels for domestic or overseas use to support re-fleeting and modernizing commercial fishing vessels, assist institutional buyers, fish processors / canning companies and fish growers to actively participate in the development of the fishing / aquaculture industry, provide readily available credit facility to target program beneficiaries and expand the portfolio of the Bank in the fishery sector.
Eligible Borrowers
- • Fishers’ Cooperatives / Associations and their Federation
- • Micro, Small and Medium Enterprises
- • Large Agri-business
- • Entities / Corporations
- • Countryside Financial Institutions
- • Fishery Graduates or with certificate of at least two (2) years training related to fishery production
Loan Purpose
- • Purchase / acquisition of brand new or second-hand / refurbished commercial fishing boats and related equipment
- • Repair / retrofitting of commercial fishing vessel
- • Purchase of fishing banca and paraphernalia
- • Purchase of inputs for Aquaculture / Mariculture Production
- • Working Capital for Trading / Marketing operation
- • Fixed Assets and installation of support facilities
- • Pond development and/or improvement
- • Building Construction
- • Purchase or long-term lease of production pond and/or facility
- • On-lending / Relending / Rediscounting
Loanable Amount
- • For Production: Up to 80% of the total project cost
- • For Working Capital: within computed working capital requirement
- • For Fixed Assets - not more than 80% of the validated acquisition / construction cost
- • Rediscounting: up to 90% of current outstanding balance of the sub PN being rediscounted
Interest Rate
At LANDBANK prevailing lending rate at the time of availment
Collateral Requirements / Credit Enhancers
Any or combination of the following, depending on projects financed
- • Collateral:
- Real Estate Mortgage
- Chattel Mortgage
- Ship Mortgage Decree
- Hold-out on Deposits
- Other collaterals acceptable to the Bank
- • Credit Enhancers:
- Assignment of Receivables / POs
- Post-date Checks
- Hold-out on Deposits
- BFAR Guarantee
- All other available credit enhancement instruments such as assignment of insurance claims (e.g. PCIC, Credit Life Insurance), collection capture mechanism, Credit Surety Fund, among others, as applicable
Documentary Requirements
For all types of borrowers:
- • Loan Application
- • Project Proposal / Business Plan
- • Mayor’s Permit
- • Water Permit from the National Water Resources Board
- • For Production Loan:
- Farm Plan and Budget
- Certification or any similar document that borrower has undergone training on poultry, swine, livestock breeding / rearing / biosecurity / dairy production
- • For Land Acquisition:
- Title
- Tax Declaration
- RETR and Clearance
- Location Map / Vicinity Map
- • For Construction / Repairs and Renovation:
- Cost Estimates / Building Plan and Specification / Bill of Materials and Work Program / Building Permit
- • For Acquisition of Machinery / Equipment:
- Price Quotation with specifications of Machinery / Equipment to be acquired
- • For Existing Business:
- BIR-filed Audited Financial Statement for the past three (3) years
- Latest Interim Financial Statements
Additional requirements
For the following types of borrowers:
- • For Single Proprietorship:
- Certificate of Registration from DTI
- • For Association / Corporation / NGO:
- Certificate of Registration from CDA / SEC
- Certified Copy of Articles of Cooperation / Incorporation and By-laws
- Certified list of Board of Directors and Key Officers (Manager or President, Treasurer / Cashier and Bookkeeper) together with their Bio-data and TIN
- Board Resolution authorizing the cooperative / association / corporation to borrow, mortgage properties including the object of financing and designating at least two (2) officers to negotiate and sign loan document
- • For Cooperatives:
- Certificate of Registration from CDA
- Certified Copy of Articles of Cooperation / Incorporation and By-laws
- Certified list of Board of Directors and Key Officers (Manager or President, Treasurer / Cashier and Bookkeeper) together with their Bio-data and TIN
- Board Resolution authorizing the cooperative / association / corporation to borrow, mortgage properties including the object of financing and designating at least 2 officers to negotiate and sign loan document
- CDA Certificate of Compliance (COC)
- BIR Certificate of Tax Exemption (CTE), if any
