Despite being an agricultural country, Filipino farmers still face many challenges. According to the Food and Agriculture Organization of the United Nations, the top challenges faced by our small-scale farmers are lack of capital, low price of palay or unmilled rice, high cost of inputs, labor problems, lack of postharvest facilities, pest and diseases, and poor irrigation systems.
AXA Philippines, one of the country’s leading insurance providers, has partnered with Cropital, a financing and marketing platform for smallholder farmers, to promote inclusive protection and financial literacy. Cropital is a globally recognized organization that aims to support Filipino farmers by helping provide them with a sure market for their produce and giving them access to affordable capital through their Sustainability Fund.
Through this partnership, AXA Philippines has committed to donate a minimum of Php 100,000 to Cropital’s Sustainability Fund, which can provide loan access and capital to farmers from Cropital’s partner communities. AXA Philippines will also be conducting a financial literacy and savings program for more long-term benefits for the partner farmers.
To date, Cropital has financed 2,276 farmers, supported 47,773 farmers, and registered 62,068 lenders. Their initiatives not only help uplift our local farmers but also contribute to increasing the country’s GDP and promote sustainability through encouraging more Filipinos to buy local.
Aside from its donation to the Sustainability Fund, AXA Philippines will also be encouraging its employees to help raise funds by giving them the option to convert their rice allowance benefit and use it to purchase rice from Cropital.
AXA Philippines CEO In-charge and Chief Financial Officer Gael Lapie shared, “We have many hardworking farmers across the country that, with the right guidance, can have the opportunity to further secure their livelihood and improve their quality of life. Therefore, we support Cropital’s noble cause to help our local farmers. Through supporting their products and providing financial literacy initiatives, we hope to uplift and provide inclusive protection to more and more Filipinos who are part of the vulnerable population.”Consumers interested in buying locally-sourced produce from Cropital can also visit their e-commerce website at https://store.cropital.com. To know more about AXA Philippines visit https://www.axa.com.ph.
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