Loans to the Fishery Industry.
Section 42
SEC. 42. Loans to the Fishery Industry.—The Development Bank of the Philippines, the Philippine National Bank, and the Philippine Veterans Bank and other government-owned or controlled banking or financial institutions and rural banks shall make loans available to eligible borrowers as their respective charters and articles of incorporation and by-laws provide and policies of the Central Bank of the Philippines allow: Provided, That projects of veterans and their qualified heirs within the purview of the Program shall be funded by the Philippine Veterans Bank, with priority to family-size fishponds: Provided, Further, That the Development Bank of the Philippines, the Philippine National Bank, and the Philippine Veterans Bank and other government-owned or controlled banking or financial institutions and rural banks dealing with medium and long-term loans shall: Grant loans for the development, rehabilitation and maintenance of fishponds, fishpens and acquisition of fishing boats and fishing equipment; Extend loan for production, handling, processing and marketing, including the establishment and operation of refrigerating plants and cold storage facilities; Grant loans to leaseholders of public lands for the development of fishponds: Provided, That the duration of the lease contract shall be longer than the period of repayment of the loan. All loans shall be extended under supervised credit as prescribed by Republic Act Numbered Sixty-three hundred and ninety or other laws, or under project supervision.