CARAGA, December 4, 2020 – The Department of Agriculture (DA) – Special Area for Agricultural Development (SAAD) Program boosted 48 farmers’ literacy on financial management and agricultural entrepreneurship through online training.

According to the Global Financial Literacy Survey (Klapper et. al., 2015), financial education remains a challenge for developing countries, such as the Philippines. As found, people who do not understand basic financial concepts are most prone to making poor decisions related to financial management.

With the SAAD Program’s end-goal of helping the said farmers to become established agripreneurs by 2022, capability-building training centered not only on production know-how but also on financial management.

The beneficiaries from 17 groups in Agusan del Sur and Surigao del Sur were taught to have the entrepreneurial mindset to help them become decisive, responsive to challenges, and future-oriented.

Proper allocation of funds, assessment of financial limitations, and taking proactive actions were also discussed.

Resource speaker, Mr. Rey U. Frias of the DA-Caraga Agribusiness and Marketing Assistance Division (AMAD) said and emphasized that agriculture is in itself a business. With the farmers’ lead role in the country’s agriculture sector, financial management and entrepreneurship are fundamental skills for them to thrive in their endeavors.

DA Caraga Regional Executive Director Abel James I. Monteagudo, during his welcome message, also stressed that farmers need to be innovative, opportunity-driven, and creative to thrive in their entrepreneurial endeavors. By “empowering the local farmers, we shall see a progressive Caraga Region,” he added.

According to the Food and Agriculture Organization (FAO), entrepreneurship is an elaborate skill; there is no single training that can turn farmers into entrepreneurs overnight. However, recognizing the role farmers play in the success of their projects, the SAAD Program continuously rolls out training that will equip farmers to be action-oriented.

Relative to this, two separate training on effective organizational communication and leadership are set to take place during the first quarter of 2021. ###

Writer:               Mark Angelo Pineda, Information Officer – DA-SAAD Caraga
Copy-editor:      Natalianne Marie O. Delos Reyes, PR and Comms Officer- SAAD NPMO

Source:
Klapper L, Lusardi A, and Van Oudheusden P. 2015. Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey. World Bank Development Research Group.