Gov’t bank achieves 86% of agri support target for ‘20
THE LAND Bank of the Philippines (LANDBANK) already lent out a total of P229.38 billion to the agriculture sector as of January 31, achieving 86.5 percent of its loan target of P265 billion for the entire 2020.
LANDBANK President and CEO Cecilia Borromeo said that one month into the year, the Bank has already assisted 17,681 small farmers and fishers in accessing its various lending programs, bringing the total number to 1,050,663 assisted farmers and fishers as of end-January.
This brings the LANDBANK on track to achieving its target of assisting 2 million small farmers and fishers by yearend, she said in her report to Finance Secretary and LANDBANK chairman Carlos Dominguez III.
Of the P229.38 billion loaned out by LANDBANK to the agriculture
sector, P1.36 billion were released through direct lending to farmers and fishers, while P38.53 billion were given through conduits such as cooperatives, farmers’ associations and rural financial institutions, Borromeo said.
A total of P136.18 billion in loans were extended to small, medium and large agribusiness enterprises, while P53.31 billion were released to help finance agriaqua related projects of local government units (LGUs) and government-owned and -controlled corporations (GOCCs).
On LANDBANK’s programs administered for the Department of Agriculture (DA), Borromeo said cumulative releases as of January 31 from the Agricultural Competitiveness Enhancement Fund (ACEF) amounted to P1.42 billion.
For the DA’s Socialized Credit Program under the
Sugarcane Industry Development Act (SIDA), cumulative releases as of January 31 reached P130 million; for the Expanded Rice Credit Assistance-Rice Competitiveness Enhancement Fund (ERCARCEF), PP410 million; and the Survival and Recovery Assistance Program (SUREAid), P2.28 billion.
Of these programs, the ERCA-RCEF and SUREAid, which were implemented to provide support to farmers following the implementation of the Rice Tariffication Law (RTL), have the highest utilization rates of 82 percent and 91.2 percent, respectively.
The cumulative releases as of January 31 under the Credit Assistance ProgramProgram Beneficiaries Development (CAP-PBD) administered for the Department of Agrarian Reform (DAR) amounted to P580 million, Borromeo said.