The House of Representatives recently passed on third and final reading a bill allowing the entry of foreign equity into the rural banking system to revitalize the industry and improve access to banking services for the rural areas of the country, a press release from Congress said.

House Bill 5360 seeks to amends Section 4 of Republic Act 7353 or the Rural Banks Act of 1992 to open new source of equity infusion for rural banks, allowing non-Filipino citizens to participate and become members of the Board of Directors. Under it, non-Filipino citizens may purchase, acquire and own up to 40 percent of the authorized capital stock of rural banks, the press release said.

P1.1 million given for
crop insurance

The Negros First Universal Crop Insurance Program has released P1,169,495.50 claims from Philippine Crop Insurance Program 6 to 221 farmer-beneficiaries affected by floods, heavy rainfall, and infestations in 2011 from the, Dina Genzola, senior agriculturist of the Office of the Provincial Agriculturist said yesterday.

NFUCIP was launched in August last year with Secretary Proceso Alcala and has already covered damages of crops in the previous months, Genzola said.

The crop insurance offers protection to farmers against losses from plant diseases, pest infestation, and natural calamities.

Rice supply enough
for 81 days – NFA

Negros Occidental has enough supply of rice for 81 days with 1.9 million bags, Cynthia Luz Chua, senior grains operation office of NFA, said yesterday.

Chua said based on their latest rice inventory and survey with the commercial market, households, and, with the buffer stocks of NFA, the province has stable supply.

In 2011, the NFA had not received imported rice, so the inflow of rice supply came from the local farmers in Negros and Panay Island, she also said.