PHILGUARANTEE-DTI Rapid Growth MOU Signing Ceremony

Davao City, Philippines – The Philippine Guarantee Corporation-Agricultural Guarantee Fund Pool (PHILGUARANTEE-AGFP) and the Department of Trade and Industry’s RAPID Growth Project recently signed a Memorandum of Understanding in Davao City to expand financial support for farmers’ cooperatives and rural agribusinesses. The agreement, attended by PHILGUARANTEE officials led by SVP Emmanuel R. Torres and VP Geraldine P. Nicdao, as well as DTI-RAPID Growth representatives led by Project Manager Mysol G. Booc, focuses on key sectors such as coffee, cacao, coconut, and processed fruits and nuts. It marks a significant step in providing access to credit and development resources for underserved agricultural communities.

Under the MOU, eligible cooperative hubs and agricultural actors supported by RAPID Growth can access AGFP credit guarantees, helping financial institutions offer unsecured loans with reduced risk. SVP Torres noted that limited access to financing has long held back rural enterprises, even when farmers have the skill and drive to grow. By combining PHILGUARANTEE-AGFP’s guarantee mechanisms with RAPID Growth’s market-driven approach, the partnership aims to strengthen agribusiness, promote inclusive finance, and create sustainable jobs and livelihoods across Mindanao.

From: Strategy Management and Communications Department