Growers Given Incentives to Adopt New Methods

Source from:  Tobacco Reporter 12/07/2011

The Philippine's state-run National Tobacco Administration (NTA) has cut by half the processing fees and interest payments of tobacco growers availing themselves of production assistance under the Tobacco Contract Growing System, according to a story in The Manila Times. During its 10th special meeting, the NTA's board of directors approved a cut in the processing fee from two per cent to one per cent, and a cut in the monthly interest rate from 1 per cent to 0.5 per cent, beginning with the crop season 2011-2012. "The reduction is in line with President Benigno Aquino's commitment to transformational leadership, particularly in treating farmers and rural enterprises as vital to achieving food security and more equitable economic growth, worthy of reinvestment for sustained productivity," the NTA said in a statement. The primary purpose of the financial assistance is to help growers to adopt new production technologies. Enditem