LANDBANK LOANS TO AGRI- FISHERIES HIT P172.7B IN 2018

LOANS released by state-owned Land Bank of the Philippines (Landbank) to the agriculture and fisheries sector went up by 25 percent to P172.7 billion in 2018 from the figure posted the year before. In a statement on Monday, Landbank said total loands to the farm sector included those allocated for aqua-business and agri-aquarelated projects of local government units and government-owned and -controlled corporations. The bank’s outstanding loans to agri-business posted an 83-percent increase to P151.2 billion from P82.6 billion a year earlier. Also, loans to small farmers, including agrarian reform beneficiaries and their associations, climbed by 9 percent to P49.3 billion from P45.2 billion. Landbank President and Chief Executive Officer Alex Buenaventura attributed the significant increase to substantial growth in the company’s loans to its priority sectors.