Landbank cites aided 2.4M farmers, fishers
The Land Bank of the Philippines (Landbank) on Monday said it has helped almost 2.4 million farmers and fishermen as of end- September, exceeding its fullyear target of 2 million beneficiaries by 20 percent.
Landbank said the total number of farmers and fishermen that benefited from its loan programs was more than double of the 1.032 million small farmers and fishers (SFF) helped last year.
“About 1,630,602—accounting for 68 percent of the total—were provided assistance through the Bank’s regular loan offerings and lending programs jointly implemented with the Department of Agriculture (DA) and the Department of Agrarian Reform,” the bank said.
“Also included were the 716,897 small farmers assisted through the rice farmers financial assistance and financial subsidy to rice farmers programs of the DA,” it added.
The Landbank said the remaining 48,760 farmers were supported by the bank through the bank’s countryside development foundation’s financial literacy training program that were conducted in unbanked municipalities nationwide.
“Three months before the end of 2020, Landbank already surpassed its year- end target of assisting two million small farmers and fishers nationwide,” LandBank President and CEO Cecilia C. Borromeo said.
“This accomplishment attests to our continuing commitment that Landbank remains steadfast in its support to the agriculture sector,” Borromeo added.
Furthermore, Landbank said its outstanding loans to the agriculture sector continue to expand as it grew by P5.68 billion to P230.34 billion in September from P224.66 billion in August.
“Of the P230.34-billion worth of agricultural loans, P34.97 billion were lent to small farmers and fishers, and cooperatives and farmers associations, rural financial institutions and other conduits, while P195.36 billion were provided to other players in the agribusiness value chain,” it said.
“Landbank expects to further expand its agricultural loan portfolio to P245 billion by the end of the year,” it added.