Gov't's outstanding loans to farm sector now stand at B

LANDBANK’s outstanding loans granted to the farm sector, mostly to farmers and fishermen, reached 140 billion during the first half of the year.

The bank said this in a statement, without citing comparative figures from last year.

For the same period alone, LANDBANK's loan releases reached 126.8 billion, which was granted to 274,255 small farmers and fishers nationwide.

LANDBANK President and CEO Alex V. Buenaventura said the bank is continuously stepping up its efforts to reach more farmers and fishers.

"Agriculture is at the very core of LANDBANK’s being, so our commitment is to go where our farmers are and give them the assistance they need,” Buenaventura said.

LANDBANK courses its credit support to the sector through conduits such as farmers and fishers cooperatives, countryside financial institutions, and irrigators’ associations.

However, in line with its commitment to reach more farmers and fishers, the Bank also has direct lending programs which it continuously strengthens to serve those who are not members of accredited cooperatives and organizations and unable to avail of loans from formal lending institutions on their own.

One of LANDBANK’s direct lending facilities is the Sikat Saka program, a joint program of LANDBANK and the Department of Agriculture (DA), which provides direct credit to small palay and corn farmers who are members of irrigators associations and/or endorsed by farmers organizations.

From January to June 2018, LANDBANK has released total loans amounting to P957.4 million under the program.

Cumulative loan releases under Sikat Saka has reached P7.6 billion since the program started, benefiting a total of 19,615 farmer-borrowers.