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MPOCC welcomes soft loan scheme for oil palm smallholders

KUALA LUMPUR, Oct 18  -- The Malaysian Palm Oil Certification Council (MPOCC) welcomes the proposed RM550 million soft loan scheme without collateral for smallholders for oil palm replanting purposes with an interest rate of two per cent per annum as stipulated in the 2020 Budget.

Its chief executive officer, Chew Jit Seng said it is a positive step towards helping oil palm smallholders, as well supporting the sustainability of the country's oil palm industry.

"The implementation of the Malaysian Sustainable Palm Oil (MSPO) certification is to ensure greater productivity and marketability of palm oil domestically and globally," he said in a statement here today.

Through the government's continued support, the MPOCC hopes the implementation and planning involving oil palm industry stakeholders will achieve the goal of having 100 per cent MSPO's compliance nationwide by end-2019, as well as increased oil palm productivity and marketability as outlined in the budget.

He said among the benefits expected from the MSPO compliance are better market for sustainable fresh fruit bunches; safeguard of smallholder rights, access to loans or capital from financial institutions; biodiversity environmental protection; smallholding farm management records; and confidence and satisfaction of stakeholders.

The MPOCC also welcomes government measures towards supporting efforts to address the anti- palm oil campaign with the allocation of RM27 million for the purpose of expanding the market abroad, as well as the implementation of biodiesel B20 in the transport sector by end of next year which is expected to increase demand for palm oil by 500,000 tonnes a year.

-- BERNAMA

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