Credit behavior of farmers in four rainfed barangays [villages] in Albay [Bicol, Philippines]
1991
Mascarinas, A.M.
Results of the study revealed that informal credit was the prevailing credit system in the rainfed areas. It was also found out that borrowers were engaged in five forms or practices of informal credit, namely, balikan, bubulawan, palista, pipisaran, and porsiyentuwan. Although there were several possible sources of informal credit, the bulk of the borrowers procured their loans mostly from comprador, sari-sari store owners, and fellow farmers. On the other hand, formal borrowers had six sources of credit, namely, the Rural Bank of Legaspi, Samahang Nayon Credit Cooperatives, Daraga Southern Development Cooperative, Inc., the Philippine Crop Insurance Corporation, Land Bank of the Philippines, and United Coconut Planters Bank. To avail of formal loans, the borrowers had to pass through a number of procedures/processes which were not observed in informal credit system. The chi-square test showed that seven independent variables had significant relationships with credit behavior of the respondents. These were as follows: education, tenure status, farm size, annual family income, existing kinship system, perception of formal credit, and perception of informal credit.
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