‘Landbank loans reach more farmers, fishers’
The Land Bank of the Philippines (Landbank) said its total loan to the agriculture sector in the first half rose by 3.57 percent to P227.47 billion, from P219.62 billion last year.
Landbank also said it has achieved 98.8 percent of its target of 2 million cumulative small-scale farmers and fisherfolk beneficiaries this year, or about 1.976 million.
“Of these loans to agriculture, P35.63 billion was outstanding loans to small farmers, fishers, cooperatives, and farmers associations,” Landbank said.
“This includes direct lending to farmers and fishers which grew by P219 million or 18.37 percent from P1.19 billion in May to P1.41 billion in June.”
Landbank said its loans to other players in the agri-business value chain stood at P191.84 billion with P141.67 billion of which going to small, medium and large agribusiness enterprises.
The bank added that P50.17 billion went to finance agri-aqua related projects of local government units (LGUS) and governmentowned and -controlled corporations (GOCCS).
Landbank attributed the increase in the number of small-scale farmers and fisherfolk that was assisted by the bank due to the Department of Agriculture’s financial subsidy to rice farmers (RSRF) program.
“The 300,825 or 18-percent increase from last May’s 1,675,864 tally was due largely to the new farmers assisted under the Department of Agriculture’s [DA] Financial Subsidy to Rice Farmers [FSRF] Program.”
Landbank said 1.29 million farmers and fisherfolk out of the 1.976 million as of end-june were supported through its various regular loan offerings and lending programs that are jointly implemented with the DA and the Department of Agrarian Reform.
The remaining 218,530 and 467,919 small farmers were assisted specifically through the DA’S Rice Farmers Financial Assistance Program and the FSRF Program, respectively, it added.
“Now more than ever, Landbank continues to exert greater focus on driving support for the agriculture sector amid the Covid-19 pandemic,” Landbank President and CEO Cecilia C. Borromeo said.
“Through the whole-of-government approach, our strong partnerships with the Department of Agriculture and Department of Agrarian Reform have allowed us to fulfill our mandate of reaching and assisting more small farmers and fishers nationwide than ever before.”